SEOUL, Oct 18, (APP/AFP) – A South Korean court handling the bankruptcy case of STX Offshore and Shipbuilding Co., said Tuesday it could announce the bundled sale of the company with its profitable French shipyard unit later this week. STX France, which specialises in building cruise ships, is the only profitable unit of STX Offshore, which filed for receivership in May. Originally it was assumed that the French unit would be sold off separately as part of a general restructuring plan, but the bankruptcy court signalled its preference for selling the two companies as a package. “The court is seeking to sell STX Offshore together with STX France as one bundle,” said Choi Ung-Young, a judge who acts as a spokesman for the Seoul Central District Insolvency Court. A court notice to that effect would be issued “this week”, Choi said. The court will then call in STX Offshore stakeholders and creditor banks on November 11 to approve the sale proposal and overall restructuring plan.
International News
S. Korea court plans package sale of STX, French unit
