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Shipbuilder STX Offshore headed for receivership

The South Korea government will place former major shipbuilders STX Offshore under court receivership. A union has rejected creditors' demands for huge cost reductions.

Headed by the country's state-run Korea Development Bank (KDB), South Korean STX Offshore & Shipbuilding is now on track for court receivership after the workers' union rejected a rescue package which would see the workforce scaled back 75 percent, report several media.

Before the deadline expired midnight Tuesday, creditors had agreed to keep the shipyard going in terms of newbuilds if the union itself would also contribute to a rescue plan.

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