Friday, September 13th, 2013
A Korea Development Bank official said, "Most of the money will be used to pay for bills to partner firms and subcontractors ahead of the Chuseok Holidays next week." Meanwhile, the 150-billion-won fund will be given to STX Engine that has already signed a voluntary agreement with the creditor banks on the 5th.
Earlier the creditor banks had reckoned the volume of money to be paid out to the two STX Group companies would be in the range of 350 billion won each. The reason the actual amount of money to be disbursed is substantially lower than this is the banks kept some of the funds to pay for guarantee obligations. STX Heavy Industries and STX Engine have a large amount of surety obligations to China's STX Dalian Heavy Industries and STX Dalian Engine, respectively.