The court-led restructuring of STX Offshore & Shipbuilding has come to an early end with the Korean yard now able to get back to normal business operations. The Seoul Bankruptcy Court decided yesterday to let the shipbuilder exit its rehabilitation period early as it had fulfilled all of the criteria laid out by the court.
“It will be better to provide a chance to compete as a normal company in the market with this early termination,” a court official said.
STX is expected to kick off a big sales and marketing campaign in the coming weeks to try and fill out its main yard in Jinhae.
The yard was one of the most high profile casualties from the shipping downturn.