January 15 - STX Corp, the holding company of Korean conglomerate STX Group, has agreed to salvage the firm in the form of a USD660.3 million debt-to-equity swap, say reports from the South Korean media.
The deal will provide STX Group with a much-needed liquidity boost. STX Pan Ocean - the company's container shipping arm - reported a net loss of USD399.07 million in the third quarter of 2013 and went into receivership during June 2013 having incurred debts of more than USD4.8 billion.
The Korea Development Bank (KDB), which became STX Group's largest creditor in October 2013, has received approvals from other creditors to implement the rescue measures, with a preliminary deal expected during January, said the reports.
