STX Applies for Rehabilitation and Autonomous Restructuring Support Program at Seoul Bankruptcy Court
On December 19, STX announced in a public disclosure that it had applied to the Seoul Bankruptcy Court for rehabilitation and the Autonomous Restructuring Support (ARS) program, with the aim of normalizing management and preserving the company's value as a going concern.
The ARS procedure allows the debtor (the company) to engage in autonomous restructuring negotiations with creditors under the guidance and supervision of the court, while the initiation of rehabilitation proceedings is put on hold during the ARS period.
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It is reported that STX applied for the ARS program in July to minimize operational burdens amid the suspension of stock trading resulting from sanctions imposed by the Securities and Futures Commission.
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