STX Offshore & Shipbuilding's court receivership filing has been withdrawn after creditors approved its latest restructuring plan.
Main state creditor Korea Development Bank (KDB) has pulled the application that was made on Tuesday, it said in a statement.
Creditors are now satisfied with a reorganisation scheme that will include the sale of non-core assets, as well as cost-cutting.
The court filing would have been the yard's second in less than two years.
