STX Heavy enters court receivership

STX Heavy enters court receivership

One of South Korea’s largest engine manufacturers has become the latest STX affiliate to seek court protection.

At 14.00 local time today in Seoul STX Heavy Industries announced it was heading into court receivership. It now has until October 28 to submit restructuring plans.

The engine maker is the latest part of STX to seek court receivership. Other parts of the group founded by Kang Duk-soo to have hit financially rocky times include shipping line Pan Ocean (since sold off) and shipyard, STX Offshore & Shipbuilding, which is now going through court restructuring.

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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