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STX PO board sweep

November 26 - In the wake of the company's new rehabilitation plan, four members of the STX Pan Ocean (STX PO) board have resigned, including its ceo and executive director of just five months, Chun Il Yu.

Alongside the ceo's resignation earlier this month, it has been announced that three independent directors, Dong Moo Choi, Yun Jae Baek and Joon Woo Han have also left the debt-ridden company.

Vice chairman and custodian of STX PO, You Sik Kim, is currently acting as ceo, but the company has said that a new ceo and board of directors will be appointed after discussions with creditors have taken place, and court approval on such appointments has been sought in line with the rehabilitation process.

The board clear out comes after the company received approval from the Seoul Central District Council in October for its debt-to-equity deal, which will take place in December and will see its creditors receive a total of 1.23 billion new shares.

Two capital reductions are also set to take place on November 29 and December 27, 2013, which will reduce shares held by STX Corporation, STX Offshore & Shipbuilding, STX Engine and Duk-Soo Kang by ten-to-one.

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