Court likely to push for ‘package sale’ of STX units

[THE INVESTOR] A South Korean court may push for the “package sale” of STX Offshore & Shipbuilding and its two affiliates, according to industry sources on Oct. 4.

STX filed for court receivership in May, succumbing to mounting debts attributable to mismanagement and an industry-wide slump.

The Seoul Central District Court is waiting for the stakeholders of STX to decide on a revival plan, leaving the possibility of the simultaneous sale of the shipyard and its two troubled affiliates, Goseong Offshore & Shipbuilding and STX France, according to the source. 

Goseong, which specializes in building oil and container tankers, is under a separate court-led revival program. STX has also sought to sell off STX France, a cruise ship-producing subsidiary based in France.

A foreign company, known to be operating a hotel chain, has expressed an intent to buy the three STX firms at once, added the source.

The court, however, said no decision has been made yet.

(theinvestor@heraldcorp.com)