STX Offshore & Shipbuilding Co., a local shipyard under court receivership, is in talks with its customers to cancel orders, as it strives to reduce losses, industry sources said Friday.According to the sources, STX Offshore is close to axing its contract to build four ships with Frontline Ltd., the world's largest oil tanker shipping firm.Also, STX Offshore is in talks with another customer to nix an order contract to build three ships, the sources said.Last month, a local court approved a fili

[THE INVESTOR] STX Offshore & Shipbuilding, a local shipyard under court receivership, is in talks with customers to cancel orders, as it strives to reduce losses, industry sources said on July 1.According to the sources, STX Offshore is close to axing its contract to build four ships with Frontline, the world’s largest oil tanker shipping firm.STX Offshore is also in talks with another customer to nix an order contract to build three ships, the sources said.Last month, a local court approved a

A local court on Tuesday approved a filing by financially shaky STX Offshore & Shipbuilding Co. to be put under a court-led restructuring scheme, paving the way for the shipyard to avert liquidation.Last month, STX Shipbuilding, once the country's No. 4 shipbuilder, filed for receivership to stay afloat as its creditors decided to end a similar rehabilitation program for the shipbuilder.The shipbuilder has been under the control of its creditors since April 2013 amid a protracted slump in the sh

The founders of many South Korean conglomerates have led dramatic lives, with resemblance to the domestic economy rising fast from the ashes of the Korean War.One thing that the business tycoons have in common is the culture of pursuing fast growth, which has contributed to the nation’s rapid rise. Their growth obsession, however, sometimes ends in tragedy. The latest conglomerate leader to suffer a freefall is STX Group founder and former chairman Kang Duk-soo. Former STX Group chairman Kang Du

Financially shaky STX Offshore & Shipbuilding Co. Friday filed for a court-led restructuring scheme as it struggled with a protracted slump and mounting losses, officials at the shipbuilder and the Seoul Central District Court said.The court will soon decide whether to put the ailing shipbuilder under its receivership or on path to liquidation, the officials said.STX Shipbuilding, once the country's No. 4 shipbuilder, has been under the control of its creditors since April 2013 amid a protracted

Creditor banks said they have begun discussing whether to put Korea’s midsized shipbuilder STX Offshore & Shipbuilding under court receivership, as their years of financial aid have failed to improve the shipyard’s business prospects.Leading creditor Korea Development Bank said Wednesday the creditors agreed to put an end to the shipyard’s self-rescue plan and to decide on whether to put the company into the hands of a court by the end of this month.“Creditors have concluded that the company goi

Creditor banks said they have begun discussing whether to put Korea’s midsized shipbuilder STX Offshore & Shipbuilding under court receivership, as their years of financial aid have failed to improve the shipyard’s business prospects.Leading creditor Korea Development Bank said Wednesday the creditors agreed to put an end to the shipyard’s self-rescue plan and to decide on whether to put the company into the hands of a court by the end of this month. STX Offshore and Shipbuilding workers leave t

Creditors of STX Offshore & Shipbuilding Co. are moving to put the midsize local shipyard under court receivership this month, ending their yearslong financial aid, amid ongoing efforts to revamp the ailing industries, such as shipping and shipbuilding, industry sources said Wednesday.According to the sources, the creditors, led by the state-run Korea Development Bank, will discuss later in the day whether to extend a lifeline to the financially troubled shipbuilder. But the sources said the cre

Former Commerce Minister Lee Hee-beom was elected the new head of the planning committee for the country's first Winter Olympics on Thursday.Lee's candidacy as the president of the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG) was approved unanimously at the committee's general assembly in Seoul.His appointment will need the final stamp of approval by the Ministry of Culture, Sports and Tourism, though it's considered a mere formality at this juncture.

Organizers of the 2018 PyeongChang Winter Olympics on Wednesday formally nominated former Commerce Minister Lee Hee-beom as their new president.The PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games made the decision at its executive committee meeting in Seoul, a day after Lee was tapped to replace Hanjin Group Chairman Cho Yang-ho.Cho abruptly resigned Tuesday to tend to pressing issues at Hanjin Shipping, one of the group‘s affiliates mired in debts.Lee will be o

Former Commerce Minister Lee Hee-beom has been nominated to lead preparations for the 2018 PyeongChang Winter Olympics, the event's organizers said Tuesday.The PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG) announced it listened to a wide range of opinions before tapping Lee to fill the vacancy at the top.    Commerce Minister Lee Hee-beom (Yonhap)Lee, 67, is in line to replace Hanjin Group Chairman Cho Yang-ho, who resigned earlier Tuesday. Cho cited t

A number of options are being considered for restructuring the Korean shipbuilding industry, which suffers from overcapacity, with the government stepping up its active intervention. The latest option being discussed is the consolidation of military ship makers, a local business daily said Monday, quoting a high-ranking government official close to the matter.South Korean defense contractor Daewoo Shipbuilding and Marine Engineering unveils the first out of three submarines for the Indonesian De

Employees head to their offices in a building in Seoul. (Yonhap)One thing that surprised Tyler Kim when he joined a South Korean company last year after nine years of working in the U.S. was that his coworkers called him “chaekimnim,” a direct translation of his job title, manager.“It was a bit awkward at first,” he said, since it was the first time he was not called by his name at work.Hierarchy has been a key aspect of corporate governance worldwide. But it means more when it comes to the Kore

STX Engine, a listed diesel engine manufacturer, said in its regulatory filing that it is considering selling its communication equipment business as part of its debt restructuring.“The company has been in talks with its creditors (led by state-run Korea Development Bank) regarding the possible sale of the communication equipment unit as part of its self-rehabilitation plan,” STX Engine said in a disclosure filing.STX Engine has been in a creditor-led debt workout since September 2013 following

An appeals court on Friday handed down a four-year prison term to a former Navy chief for taking bribes from local firms in return for business favors while in office.The Seoul High Court convicted retired Adm. Jung Ok-geun for pocketing kickbacks from two former affiliates of STX Group in 2008, but said the amount he received cannot be calculated.A lower court previously sentenced him to 10 years in jail for receiving 770 million won (US$636,000), which was transferred to the bank account of hi