South Korea's merger-and-acquisition specialist KH Investment (KHI) and debt clearing company United Asset Management Co have given the former STX Offshore & Shipbuilding a new lease of life.
Earlier this year, they paid KRW 250bn ($223.4m) to its creditors for a 95% stake and on 26 July, the new owners renamed the medium-size shipyard K Shipbuilding.
According to the South Korean shipbuilder, “K” stands for Korea and with its new name, it hopes to scale the heights of the industry.
