South Korean bankruptcy court sell STX France and STX Offshore

STX FranceSTX Offshore & Shipbuilding and STX France might be sold by South Korean bankruptcy court. The both assets of the bankrupted shipbuilding group may be sold as a package to unnamed British company for total value of 906 million USD. According to officials, the negotiations are in further stage and represent a change in the plan of the Seoul Central District Court, which wanted to separate the share of STX Offshore & Shipbuilding in the French yard via Samil PricewaterhouseCoopers. The sale will need approval from the French government, which owns the remaining 33.34% stake in Saint-Nazaire facility of STX France, which is expert in building cruise and passenger ships.

The Goseong Offshore & Shipbuilding, which is local unit of the shipbuilding group in South Korea, could also be included into the package deal. Seoul Central District Court is negotiation to sell the liquidated assets and start repayment of the debts to creditors. The assets of the shipbuilding group were assessed to 1.2 billion USD.

“A foreign company has shown interest in buying three STX companies together. We’re looking into such a possibility”, said judge and a spokesman for the Seoul Central District Court, Choi Ung-young.

STX, which filed for receivership in May and investment banks submitted their final due diligence report to the bankruptcy court in August. It is Korean fourth-largest shipyard and a unit of conglomerate STX Corp. STX is active in shipping, construction and energy around the world.