A Samra Midas Group-led consortium was picked today as the preferred bidder for STX Corp.
SM Group, best known as a construction firm already owns dry bulk firm Korea Line Corp and has just launched the world’s newest containerline, is now willing to pour more than $120m to help fix troubled STX’s finances. STX shares have been suspended since mid-February and the company has faced delisting due to its dire financial situation.
STX Corp is the trading arm of what was once the mammoth STX Group, a conglomerate founded by Kang Duk-soo who invested in shipyards, lines and engine manufacturing before his empire collapsed in spectacular style with Kang sent to jail.
