STX comes out of restructuring early

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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