The loss-making Korean bulker owner said on Friday that a meeting at Seoul central district court saw 100% of non-secured lenders okay the deal, as well as 74.5% of unsecured claims holders.
The next step is a capital reduction on 29 November that will see the shares of founder Kang Duk-Soo, STX Engine, STX Corporation and STX Offshore & Shipbuilding reduced on a one-for-10 basis, and ordinary shareholders' stakes cut in half.
A total of 205.85m shares will become 92.3m.
The restructuring bulker owner will then issue 1.23bn new shares to creditors on 13 December to write off KRW 1.23bn ($1.17bn) of unsecured debt.
State-owned Korea Development Bank (KDB) will receive the most at 154.9m shares - a stake of 11.75%. Korea Finance Corporation follows on 108.5m.
Other creditors pocketing shares include Hana Bank, Woori Bank and a teachers' credit union.
STX Marine Service is getting 29.7m, while STX Corporation will have an extra 24.56m.
This will be followed by another capital reduction on 27 December, cutting the stock to 132.8m outstanding shares.
Its revised rehabilitation plan will also see KDB and Hana Bank having all their principal and interest repaid on secured loans in 2014.
Other secured creditors are getting 60% in 2014, with the rest coming in 2016. Amounts have not been disclosed.
Unsecured creditors have cut the amount they will receive in shares to 67% from 69%, however.
This means the owner will have to find 33% of the owed amount in cash, rather than 31% previously.
But the bulk of the money – 66% - is not due until between 2021 and 2023.
The owner also announced on Friday it had cut another $300m from its kamsarmax bulker and open-hatch general cargoship newbuilding programme.
