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Liquidated STX Dalian and subsidiaries to auction off assets

Liquidated STX Dalian and subsidiaries to auction off assets
STX Dalian Shipbuilding and its six subsidiaries will have their assets sold at an auction on 12 May after the companies are liquidated, China’s Dalian Intermediate People’s Court announced.

The assets that will be auctioned include properties, land use rights, construction projects in progress, equipment, inventory, vehicles and electronics, all of which amounted to approximately RMB5.8bn ($935.1m).

In March this year, STX Dalian and its subsidiaries, under South Korea’s STX Offshore & Shipbuilding, failed to submit their restructuring plans to the court before a given deadline, leading to their liquidation.

In May 2014, the companies entered into court receivership and had been undergoing a restructuring to resolve its debts.

STX Dalian is believed to have debts of more than RMB24bn to more than 700 creditors, in addition to RMB480m in owed salaries to more than 5,000 employees.

TAGS: Shipyards