STX Group chairman likely to lose management role
Published: 14 Jan. 2014, 21:16
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.
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.
with the Korea JoongAng Daily
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