STX Group chairman likely to lose management role

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STX Group chairman likely to lose management role

Cash-strapped STX Group Chairman Kang Duk-soo is likely to be removed from managing his companies after creditors accepted a voluntary agreement for debt restructuring of STX.

Korea Development Bank, the main creditor of STX Corporation, and other creditors approved a plan that includes a 699.8 billion won ($660 million) debt-to-equity swap, extending the corporate bond’s maturity to the end of 2017 and adjusting the interest rate.

The deal also includes adopting a professional CEO system, which would force Kang to forfeit his management authority. Kang founded STX Group in 2001.

BASF introduces its latest hot product: ‘Walltite’ insulation

Germany-based global chemical company BASF said yesterday it is launching its upgraded “Walltite” insulation in Korea that ensures construction quality at minus 5 degrees Celsius (23 degrees Fahrenheit). The product has been applied to some of Samsung C&T’s Raemian and Hyundai Development Company’s I’Park apartments. According to BASF, its product helps reduce the energy required to cool and heat buildings.
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