Ailing Korean Shipbuilders to Get Huge Cash Injection

Yonhap News Agency
Sunday, May 05, 2013

Creditors are expected to inject 800-billion Won (US$ 730-million) into STX Group during 2013, according to Yonhap News Agency.

Creditors of STX Group will likely pump at least 800 billion won (US$730 million) into the troubled shipbuilding conglomerate in a bid to keep it afloat, an unnamed source has informed Yonhap News Agency.

 STX Group's troubled holding company, STX Corp., and two affiliates requested main creditor Korea Development Bank to supply liquidity in return for its voluntary debt-relief and restructuring efforts.

Source: Yonhap News Agency

 

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