Korea's STX Offshore Gets Emergency Loans
Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans.
The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency.
STX Offshore, the shipbuilding unit of STX Group, a South Korean shipping and shipbuilding conglomerate, has been suffering a credit crunch as demand for new ships has fallen sharply in the past few years.
Source: Yonhap News Agency