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.