STX Corporation Turns to Legal Action to Dismiss Bankruptcy Application!

STX Corporation revealed today in a filing to the Korea Exchange its intention to hire lawyers in order to dismiss a bankruptcy application, submitted by a private individual creditor, who claims to hold 132.6M won ($118,664) of STX bonds.

The application has been filed on the grounds of a claim that STX Corporation was faced with financial uncertainty jeopardizing its restructuring process, whereas the move for bankruptcy would enable the creditor in question refunding for the said bonds.

“STX will designate an attorney and make an effort to dismiss the application. This case is sort of an ‘incident’, ”STX Corporation told Fairplay.

As a result, trading of the corporation’s stock has been halted until September 2.

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Shipbuilding Tribune Staff, August 29, 2013