S. Korea's STX Says To Sell French Unit By Year-end


S. Korea's STX says to sell French unit by year-end

SEOUL,(UrduPoint / Pakistan Point News -8th Sept,2016) - South Korea's STX Offshore & Shipbuilding plans to sell its French unit by the end of this year as the troubled company seeks a court-led debt restructuring programme, a spokesman said Thursday.

The ailing firm -- once the country's number four shipbuilder -- filed for the restructuring in May after struggling for years with mounting losses caused by mismanagement and a slump in global demand.

STX will submit a revival proposal on Friday, its spokesman said, adding the it includes a plan to sell STX France to improve the parent firm's financial conditions. "It is unfortunate that we have decided to let STX France go... but it was necessary as we were in desperate need for cash," Kong Doo-Pyoung told AFP.