Creditor banks of troubled STX Group have almost reached an agreement to provide additional liquidity to the group’s shipbuilding unit in a bid to help it stay afloat, industry sources said Friday.
Creditor banks of STX Offshore & Shipbuilding Co. are moving to offer 300 billion won ($266.4 million) to the company, smaller than the 400 billion won requested by the shipbuilder, according to sources.
Previously, the shipbuilder was injected with 600 billion won in liquidity from creditors.
STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.
Creditor banks have supplied 1.09 trillion won to STX Group’s holding company and troubled three affiliates in return for their voluntary debt-relief and overhaul efforts. (Yonhap News)
