The financially-troubled group will now undergo a restructuring process, and the court and its creditors will proceed to discuss how to resolve the debts of the company.
Since May 2013, the operations of STX Dalian have been virtually crippled and the yards are being emptied out due to massive cash flow problems.
STX Dalian said its priority is to compensate the wages and the relevant welfare of some 12,000 employees if the restructuring plan goes ahead smoothly.
STX Dalian is hoping that through the restructuring process, it can attract potential new investors to help revive its operations.
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