Latest news from Heavy Lift & Project Forwarding International Magazine

STX gets a boost

January 15 - STX Corp, the holding company of Korean conglomerate STX Group, has agreed to salvage the firm in the form of a USD660.3 million debt-to-equity swap, say reports from the South Korean media.

The deal will provide STX Group with a much-needed liquidity boost. STX Pan Ocean - the company's container shipping arm - reported a net loss of USD399.07 million in the third quarter of 2013 and went into receivership during June 2013 having incurred debts of more than USD4.8 billion.

The Korea Development Bank (KDB), which became STX Group's largest creditor in October 2013, has received approvals from other creditors to implement the rescue measures, with a preliminary deal expected during January, said the reports.

www.panocean.com

Heavy Lift | News

Fitzgerald returns to Crowley  thumbnail image

Fitzgerald returns to Crowley 

February 21 - Crowley Maritime Corporation has appointed Ray Fitzgerald as its chief operating officer, effective March 1. 
Views: 504
KENC completes engineering scope for Jumbo thumbnail image

KENC completes engineering scope for Jumbo

February 21 - The Netherlands-based KENC Engineering has collaborated with Jumbo to prepare the heavy lift vessel Fairplayer for an FPSO installation project offshore Brazil. 
Views: 435

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