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South Korea's STX Offshore avoids receivership

State-owned Korea Development Bank has accepted the rescue plan presented by yard STX Offshore & Shipbuilding.

Photo: Thorbjørn Hansen

South Korea's STX Offshore & Shipbuilding, once one of the world's biggest shipyards, avoids new court receivership.

State-owned Korea Development Bank (KDB) has withdrawn its current threat to pull the rug out from under the shipbuilder and let a court decide the company's fate going forward.

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