STX Corporation revealed today in a filling 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.
World Maritime News Staff, August 29, 2013