Tuesday, December 27, 2016

Shipyards of Saint-Nazaire : the south Korean STX avoids liquidation – The Echoes

The creditor banks of STX Offshore and Shipbuilding were approved Friday narrowly the plan of restructuring of its debt, thus avoiding liquidation of the south Korean group by the majority in the shipyards of Saint-Nazaire. This agreement was reached a week after the commercial court of the central district of Seoul had announced that four companies were nominated for the redemption of the group, once the fourth manufacturer south Korean.

STX Offshore and Shipbuilding has struggled for years with mounting losses caused by poor management and a global demand in bern. The shipyards of Saint-Nazaire, held one-third by the French State, its sole subsidiary profitable.

A chartered accountant appointed by the court presented on Friday the findings of its study, believing that STX could raise 1,000 billion won (787 million euros) by 2026, through its activities, the sale of non-core assets and new loans. “The rehabilitation plan is deemed to be feasible”, he said in his report.

Vote very tight

The vote, however, was very tight : creditors accounting together for 66.9 per cent of the debt of STX have approved the plan, which is slightly more than the required two-thirds majority. In case of rejection of the plan, the group was asked in may to its placement into receivership would have been liquidated.

The justice of south korea was refused last Friday to identify the four candidates for the takeover of STX. The spokesperson of the tribunal of commerce had not told them what they wanted to buy exactly: justice of south korea had been offered the buyers the option to buy back the companies in the group separately or in block. The Seoul Economic Daily had, citing sources close to the sector, reported that the Dutch Damen, the Italian Fincantieri and the naval group French DCNS were on the ranks.

2.600 employees and 5,000 sub-contractor

STX France, which has 2,600 employees and makes work about 5,000 sub-contractors, is in full form. The company has an order book that is very well filled, with 14 cruise ships to be built by 2026 to two wholesale customers, the swiss-Italian MSC Cruises and the american Royal Caribbean.

STX France had been sold to STX in 2008 by the Norwegian Aker Yards, which had been bought in 2006 to Alstom. STX Offshore & Shipbuilding is under the control of its creditors since 2013, the public bank the Korea Development Bank. They have released more than 4,000 billion won to help it meet its deadlines. But it was not enough to put the company afloat and its total debt amounted to 7,300 billion won in June.


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