STX OSV

STX OSV: Korea Development Bank, the main creditor bank of STX Group reiterated Thursday that it is still reviewing the finances of the conglomerate following a sharp fall in the shares of STX's affiliates amid speculation about financial woes at the grp. The slide in the shares of STX affiliates on Thur appears to have been triggered by an analyst note saying KDB would require STX to agree in June to take steps to improve its finances. STX Group responded by saying it is considering selling shares of its affiliates STX Heavy Industries and STX Energy via an IPO or establishing a SPV jointly with KDB to sell its assets. We note that if rumours are true, it could mean a rush to sell grp’s stake in STX OSV, with the potential of deal being done at a less attractive price