Thestruggling shipowner hopes a new name will help kick-start a new lease of life.
Anexecutive at Pan Ocean confirms the new identity, saying the change is down tothe fact that STX Group is no longer the main shareholder.
Lastmonth, the Seoul central district court approved the company’s debt-to-equityrescue plan whereby creditors are now its biggest shareholders.
Theplan includes a capital reduction that will see shares of company founder KangDuk-Soo, STX Engine, STX Corp and STX Offshore & Shipbuilding reduced on aone-for-10 basis, and ordinary shareholders stakes cut in half.
