STX Group, Korea’s 14th-largest business group, said Thursday that it is considering selling assets to revive its worsening financial health amid the ongoing slowdown in the shipbuilding industry globally.
“As part of our financial restructuring, we are discussing plans to directly list STX Energy and STX Heavy Industries or to sell off assets through the establishment of financial restructuring covenants with the Korea Development Bank,” the company said in response to an inquiry from the Korea Exchange on the day.
Shares of STX affiliates saw a steep decline on the closing of the Korea Composite Stock Price Index, driven by investors’ concerns about the company’s weakening financial structure.