STX Dalian to be liquidated, quits restructuring

STX Dalian and its subsidiaries, under South Korea’s STX Offshore & Shipbuilding, have failed to submit their restructuring plans to the court before a given deadline, leading to the liquidation calls, local media reported.

The shipyards entered into court receivership last year and was given 12 months to come up with the restructuring plans.

STX Dalian is believed to have debts of more than RMB24bn ($3.8bn) to more than 700 creditors, in addition to RMB480m in owed salaries to more than 5,000 employees.