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STX Group, a cash-strapped South Korean shipbuilding and shipping conglomerate, is feared to face a further worsening liquidity crunch this year with over 1 trillion won ($905 million) in corporate debts set to mature during the remainder of the year, industry data showed on Wednesday.
According to the data, STX Corp., STX Offshore & Shipbuilding Co., STX Pan Ocean Co. and five other affiliates have to repay or roll over some 1.08 trillion won in corporate debts that mature this year.
In May alone, a total of 600 billion won in corporate debts are due, the data showed. The group’s affiliates also have 1.33 trillion won worth of corporate debts that mature next year, they showed.
STX Offshore, the group’s troubled shipbuilding unit, and other units have been suffering from a liquidity crunch as the global economic slowdown has sapped demand for new ships. (Yonhap News)
According to the data, STX Corp., STX Offshore & Shipbuilding Co., STX Pan Ocean Co. and five other affiliates have to repay or roll over some 1.08 trillion won in corporate debts that mature this year.
In May alone, a total of 600 billion won in corporate debts are due, the data showed. The group’s affiliates also have 1.33 trillion won worth of corporate debts that mature next year, they showed.
STX Offshore, the group’s troubled shipbuilding unit, and other units have been suffering from a liquidity crunch as the global economic slowdown has sapped demand for new ships. (Yonhap News)
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Articles by Korea Herald
