South Korea's STX Offshore & Shipbuilding has sought Chapter 15 bankruptcy protection in the US to protect itself from action by Teekay Tankers.
Its filing in Texas is designed to block creditors from seizing its stateside assets. It has already secured a temporary restraining order to assist in that effort.
The shipbuilder’s administrator, Yoon Keun Jang, explains in court papers that the filing comes in response to lawsuits by Teekay Tankers affiliates sought to seize STX assets in the same Houston courthouse while it still remains under court protection in South Korea.
$32.4m
