Major Korean shipowner's crisis leads to more drama

Speculations abound that Korea Developments Bank declined credit support for almost USD 180 million to STX Pan Ocean, which got a new CEO on Wednesday.

The drama about Korean STX Pan Ocean's destiny remains unclear as the major Korean shipping company announced on Wednesday that the company has yet to decide whether to seek court receivership, according to a statement by company spokesman SJ Jang.

The decision depends on the continued credit support from primary shareholder Korea Development Bank (KDB), says the spokesman.

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