STX’s Goseong Offshore & Shipbuilding auction fails

South Korea’s Goseong Offshore & Shipbuilding, a subsidiary yard of bankrupt STX Offshore & Shipbuilding, has failed to attract bidders in its latest auction.

According to the Seoul Central District Court, the auction to sell Goseong Offshore fell through because only one contestant with questionable fundraising ability entered a bid.

The court will rearrange another auction for the shipyard, which has been under a court-led reorganization program, early next year at the earliest.

Goseong Offshore & Shipbuilding posted an operating loss of KRW13.8bn for the year of 2015 and has debts of KRW322.5bn.

In November, it was reported that an unnamed British investment fund has submitted a letter of intent to the court in Seoul to buy STX Offshore & Shipbuilding and its yard in France.


Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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