STX Offshore & Shipbuilding has got the green light to carry on operations. A Seoul court today approved its rehabilitation plan, saving the yard, once the world’s fourth largest, from liquidation.
STX Offshore & Shipbuilding sought court receivership since June and has since been paring back facilities and staff in a bid to survive.
The court today said four companies have made bids to take on STX’s yard in Jinhae and it is reviewing the bids.
“The court will put forth every effort possible to establish a foothold for STX Offshore & Shipbuilding Co to normalise and return to the market by promptly and fairly executing the M&A procedures and help it contribute to the country and the regional economy,” the court said.