South Korea’s STX Offshore & Shipbuilding revealed on Saturday it has submitted a proposal to a court in Seoul on how to revive its business.
Once South Korea’s fourth largest shipbuilder, STX has been in court receivership and is fighting for survival. Among many measures, it is trying to sell STX France, a cruise shipbuilding specialist with both Damen and Fincantieri linked last week as suitors. Efforts by creditors to sell another erstwhile subsidiary, STX Dalian in northeast China, have failed at three separate auctions to date.
STX has laid off thousands of workers in the last 12 months.