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HomeMaritime NewsRegionsAsiaSTX Pan Ocean defaults on seven bonds

STX Pan Ocean defaults on seven bonds

STX Pan Ocean defaults on seven bonds
STX Pan Ocean, which filed for court receivership in Seoul last Friday, has listed defaults on seven South Korean bonds worth more than KRW1trn ($880.7m).

STX Pan Ocean reasoned that it defaulted on the bonds due to its filing for rehabilitation in Seoul.

The severe downturn in the dry bulk shipping market and overall challenging business environment of global shipping have troubled STX Pan Ocean, leading to the company piling up debts estimated at KRW4.4trn.

The shipping company's main creditor Korea Development Bank (KDB) decided against acquiring STX Pan Ocean from STX Group, and also denied the company an emergency loan of KRW200bn.

TAGS: Finance & Insurance
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