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Biz News Korea(Eng)
Korean court embarks on package sale of STX Offshore & Shipbuilding, STX France
- Collected
- 2016.10.19
- Distributed
- 2016.10.20
- Source
- Go Direct
STX Offshore & Shipbuilding Co. has embarked on the process to find a buyer for the company in package with its entire stake in STX France to raise appeal for the sale.
According to sources from the industry on Tuesday, a Seoul district bankruptcy court will place public notice for a package sale of STX Offshore and a 66.7 percent stake in STX France. The decision was also backed by the company’s creditors including Korea Development Bank (KDB).
The court selected Samil PricewaterhouseCoopers to lead the sale and will receive letters of intent by November 4. Contenders could bid solely for STX Offshore or in package with the French shipyard.
The debt-ridden shipbuilder headed for court management in June. According to the final due diligence report submitted by EY Han Young last month, STX’s going-concern value would be 1.26 trillion won, exceeding the liquidation value of 918.4 billion won.
By Kim Hyo-hye and Kim Yoon-jin
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