The state-run Korea Development Bank said Thursday it plans to sell the European arm of STX Group as part of efforts to quicken the ongoing restructuring process of the financially troubled conglomerate.
The largest creditor bank of South Korea’s 13th-biggest conglomerate said it is preparing to sell STX Europe AS, although no detailed plans as to the scale of or means to carry it out have been decided yet, according to a KDB official with knowledge on the matter.
STX Group, the shipping and shipbuilding giant, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in its main business sectors.
In April, STX Offshore & Shipbuilding requested that the creditors supply liquidity in exchange for its voluntary debt-relief and restructuring efforts. (Yonhap News)
