Korea’s S-T-X Offshore and Shipbuilding….
has filed for bankruptcy protection in the United States,…. as the ailing shipyard
looks to offload its business to a foreign buyer. According to the Wall Street Journal on Thursday,…
the administrator managing S-T-X Offshore’s Korean bankruptcy case…. placed the company
into Chapter 15… a section of the U.S. code…. that deals with international insolvency. If recognized by the judge,… Korea’s fourth
largest shipbuilder will be entitled to receive the protection of U.S. bankruptcy law,….
including stopping lawsuits and preventing creditors from seizing assets. S-T-X Offshore, with assets worth more than
two billion dollars…. and liabilities of five-and-a-half billion dollars as of last
year,… filed for receivership in May… after being hit hard by Chinese competitors….
amid a global downturn in the industry.