STX Offshore & Shipbuilding submits latest rehabilitation plan

STX Offshore & Shipbuilding submits latest rehabilitation plan

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.

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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1 Comment

  1. Avatar
    September 23, 2016 at 4:08 pm

    Goooood! We are going down