SEOUL, KOREA - STX Offshore & Shipbuilding's liquidity crisis is sending shock waves through its supplier network consisting of scores of materials and equipment makers. According to the Busan Marine Equipment Association on May 22 based on a survey on its 330 members, a total of 68 suppliers have been affected by the STX Shipbuilding affairs with more than 180 billion won in unpaid bills.
The latest survey included only those suppliers that have dealt with STX's Jinhae Shipyard. If the sums related to its Dalian operations are included, the figure will snowball into several hundred billions. The association said the figure is based on compilation of reported amounts and the actual number would thus be several times more with about 100 to 150 suppliers affected by it.
The Busan Marine Equipment Association has sent out petitions to STX Shipbuilding, creditor banks, and the Ministry of Land, Infrastructure, and Transportation for prompt payments of unpaid bills while asking for more activist intervention in normalizing the STX operations.
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