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.