Its no secret that STX Group is in some serious financial difficulties. Last week the Korean Development Bank (KDB) was forced to take over the day-to-day operations of the group. This is allowed under Korean law to help the creditors sort out their finances.
Tradewinds is reporting that the debt may be as bad as $13 Billion.
In the Asian yards, word is that STX Dalian, in China, has ceased all work on the site. They stopped cutting steel and may have run out of money to buy more.
Alstom, who used to own the Sait-Nazaire yard, has stated publically they will not be buying STX France.
However, Finnish PM Jyrki Katainen has stated publically that that if STX fails to find a buyer, the Finnish government ‘may’ step in.
Tradewinds also has another item that STX has been asking Chinese interests to buy up the Finland yard. They speculate it was probably CSIC that was asked.