STX Shipbuilding & Marine, New Start as 'K Shipbuilding'... End of Creditor Management
CEO Jang Yoon-geun Reappointed
Mid-sized shipbuilding company STX Offshore & Shipbuilding announced on the 27th that it has exited creditor management, changed its company name to K Shipbuilding, and is starting anew.
The lead creditor, Korea Development Bank, officially notified K Shipbuilding on the same day of the termination of the creditor-led voluntary agreement. The largest shareholder is the 'Korea Asset Management Corporation (KAMCO) - KHI Consortium,' which invested 250 billion KRW in K Shipbuilding.
The company regained management rights after eight years since entering the creditor-led voluntary agreement due to a management crisis in 2013.
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Along with the end of the creditor-led voluntary agreement, executive personnel changes were made. CEO Jang Yoon-geun, who led the company under the creditor-led voluntary agreement system, was retained. CEO Jang encouraged employees, saying, "Let us enhance competitiveness as the new independent company K Shipbuilding and start anew with the goal of securing more orders and achieving higher productivity."
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