STX to hire arranger for French affiliate sale this week

[THE INVESTOR] STX Offshore & Shipbuilding, the South Korean shipyard that has been undergoing a court-led restructuring scheme, is revitalizing a plan to sell STX France by hiring a manager for its sale this week after two previous attempts failed.

Local accounting firm Samil PwC has been tapped as a lead adviser by STX, but the decision is subject to approval from the Seoul Central District Court, which is expected to come by the end of this week, sources said Aug. 25. The court has been supervising the firm’s rehabilitation since June. 

This is the third time STX is trying to sell STX France, which it took over in 2009. STX Offshore & Shipbuilding has a two-thirds stake through its subsidiary STX Europe.

By Park Han-na (hnpark@heraldcorp.com)