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South Korea's STX Offshore Files for U.S. Bankruptcy Protection

    South Koreas STX Offshore & Shipbuilding Co. filed for bankruptcy protection in Texas in an attempt to stop creditors from trying to seize its assets in the U.S., the troubled shipyard is trying to sell its business overseas.

    Yoon Keun Jang, the administrator overseeing STX Offshores Korean bankruptcy case, has managed to put the company under U.S. bankruptcy shield in a Houston bankruptcy court on October 19, 2016.

    STX Offshore, which filed for receivership in May, is South Koreas fourth-largest shipyard. The company attempted to balance its expense with income as the global shipbuilding industry continued to decline.

 

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