STX Pan Ocean’s expected application for court protection today suggests the industrial conglomerate founded by Kang Duk-Soo just over a decade ago is one step closer to crumbling.
STX Offshore & Shipbuilding faces similar problems and may not be far behind in seeking help from the bankruptcy courts.
But this is a well trodden path by South Korea’s industrial giants, and if past form is anything to go by, STX Group companies will survive the court administration process to trade another day.
Creditor
