Saturday, April 27th, 2013
SEOUL, KOREA - The creditors of STX Offshore & Shipbuilding have agreed on April 25 to inject an emergency fund of 600 billion won to the ailing company. A high-ranking official of the Korea Development Bank, the lead bank in the creditor group, said on the same day, "All seven creditor banks have sent messages to us that they agreed to a proposal to inject 600 billion won. We will disburse 600 billion won including the already-paid 150 billion won by May 3 to the company."
Earlier on the same day, the share prices of the affiliate companies of STX Group have soared an average of 10 percent in anticipation of the news. For the past few days, these companies' share prices had fluctuated wildly on the conflicting news of KDB's capital injection and the group's impending liquidity crisis.
On the 24th, the price of STX Corp., the holding company of STX Group, closed at 3,255 won, down 8.18 percent from the previous day. The prices of STX Offshore & Shipbuilding and STX Pan Ocean declined 9.24 and 11.76 percent while those of STX Heavy Industries and STX Engine were down 10.65 and 7.20 percent, respectively.
