SEOUL, KOREA - To the news that STX Pan Ocean would file for court receivership, industry observers shrugged their shoulders and said this was quite unexpected. Although it was a widely known fact that Korea Development Bank's due diligence results were abysmal, still many thought the state-run bank would end up assuming the bulk carrier by considering the possible repercussions throughout the industry.
It was reported that Korea Development Bank and financial regulators had tense arguments over the issue. The bank resisted acquiring the shipper while regulators forcing it to assume ownership.
STX Pan Ocean, once one of the most profitable units of STX Group, has been hard hit since the 2008 financial crisis and a slowdown in China's economic engine, which took a toll on commodities trade and demand for the ships that carried them. The STX Group put up for sale its 36 percent interest in STX Pan Ocean, but no buyers were forthcoming for the $231-million stake.
Following the aborted auction by STX Group of its stake, STX Group approached a private equity unit at Korea Development Bank to buy the stake. While waiting for an official reply from the bank on the stake buy, STX Pan Ocean also requested 200 billion won in financial aid from the bank. But the state-run bank finally decided not to buy into STX Pan Ocean and also decided not to extend the financial aid.
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