STX Dalian's woes mount as affiliates file for bankruptcy reorganization

Six affiliate companies of STX Dalian Group, the largest wholly foreign-funded shipbuilding company in China, have sought bankruptcy reorganization proceedings, a court in Dalian city of northeast China's Liaoning province said on Thursday.

STX Dalian is the China unit of South Korea's STX Corp, one of the top-five shipbuilders in the world.

Creditors should submit claims to the six companies, including STX (Dalian) Shipbuilding Co Ltd, STX (Dalian) Marine Engineering Co Ltd and STX (Dalian) Engine Co Ltd, before Sept 26, and the first meeting of creditors should be held between Oct 9 and 11, according to a statement issued by the Dalian Intermediate People's Court.