Lee Chang-woo, an auditor with STX Energy, said, "It's better for STX Solar to be alive than dead," contending that liquidation forced on by Orix is in violation of law and the interest of STX Energy and all its shareholders.

 

Earlier last December, STX Group had sold a stake of STX Energy held by STX Corp. and STX Offshore & Shipbuilding to Orix at 360 billion won. The stakes held by Orix and STX Corp. are 50.05 and 43.15 percent, respectively. As STX Group fell into a financial difficulty lately, Orix has demanded a liquidation of STX Solar for which STX Energy holds a 86.7-percent stake.

 

An STX Energy official said, "If STX Solar is liquidated as Orix wants, we will take a loss of the amount that we have invested. In addition, we must shoulder the debt guarantee obligations related to projects that STX Solar took on. Once STX Solar can recover from the current crisis, it has a high growth potential. Why would anyone want a promising company to be dead prematurely"