S Korea’s troubled STX put up for sale

SEOUL: South Korea’s troubled STX Offshore and Shipbuilding Co was put up for sale by public tender Wednesday along with its profitable French shipyard unit, with buyers offered the choice of buying the companies separately or as a package. STX France, which specializes in building cruise ships, is the only profitable unit of STX Offshore, which filed for receivership in May. On the orders of the Seoul Central District’s bankruptcy court, the tender notice was published in a local newspaper, inviting potential bidders to send letters of intent by November 4. “Bidders can tender for either one of the two companies or both of them,” the notice read. A bankruptcy court spokesman had earlier suggested a preference for a package sale. In 2008 STX bought a 66.6 percent stake in a huge naval shipyard in the western French port of Saint-Nazaire, later named STX France. The French state holds a 33.3 percent share and is extremely concerned about the future of the shipyard, which is a major local employer with a healthy order book for large cruise liners.