STX Heavy begins court receivership

[THE INVESTOR] STX Heavy Industries has gone into court receivership as of 2 p.m. Aug. 1.

The Seoul Central District Court announced that the company’s court receivership began on the day. The court will receive the list of creditors by Aug. 16, and will require the revival plans to be submitted by Oct. 28.

STX Heavy Industries is a producer of ship engine parts that posted annual sales in the range of 1 trillion won (US$901.6 million) between 2013 and 2015.

By Choi He-suk (cheesuk@heraldcorp.com)