Pan Ocean 100 (Formerly STX Pan Ocean)

[freedom]

for court-led bankruptcy, it is unlikely to be just fire sale of its assets to repay creditors, otherwise, why file for bankruptcy protection?

The whole bankruptcy protection is to ensure operation continues and no fire sale.

It is bad news for creditors as STX PO will not require to pay interest on its outstanding loans. at the same time gives STX PO the right to restructure itself such as to get rid of high rate charter contract and certain unwanted shipbuilding contract.

[Greenrookie]

for court-led bankruptcy, it is unlikely to be just fire sale of its assets to repay creditors, otherwise, why file for bankruptcy protection?

The whole bankruptcy protection is to ensure operation continues and no fire sale.

It is bad news for creditors as STX PO will not require to pay interest on its outstanding loans. at the same time gives STX PO the right to restructure itself such as to get rid of high rate charter contract and certain unwanted shipbuilding contract.

Hmm how does Court receivership works? Govt has all assets, creditors no recourse, does creditors still have a claim after its restructure? Or is it a case of " too big to fail" but smaller creditors can die and big creditors get some lifeline through taxpayers' money?

[freedom]

for court-led bankruptcy, it is unlikely to be just fire sale of its assets to repay creditors, otherwise, why file for bankruptcy protection?

The whole bankruptcy protection is to ensure operation continues and no fire sale.

It is bad news for creditors as STX PO will not require to pay interest on its outstanding loans. at the same time gives STX PO the right to restructure itself such as to get rid of high rate charter contract and certain unwanted shipbuilding contract.

Hmm how does Court receivership works? Govt has all assets, creditors no recourse, does creditors still have a claim after its restructure? Or is it a case of " too big to fail" but smaller creditors can die and big creditors get some lifeline through taxpayers' money?

The creditors won't lose their claims. they can claim it after the company comes out of receivership.

[KopiKat]

for court-led bankruptcy, it is unlikely to be just fire sale of its assets to repay creditors, otherwise, why file for bankruptcy protection?

The whole bankruptcy protection is to ensure operation continues and no fire sale.

It is bad news for creditors as STX PO will not require to pay interest on its outstanding loans. at the same time gives STX PO the right to restructure itself such as to get rid of high rate charter contract and certain unwanted shipbuilding contract.

Hmm how does Court receivership works? Govt has all assets, creditors no recourse, does creditors still have a claim after its restructure? Or is it a case of " too big to fail" but smaller creditors can die and big creditors get some lifeline through taxpayers' money?

The creditors won't lose their claims. they can claim it after the company comes out of receivership.

Are they talking about JM (Judicial Management) or something else? If it's JM, I found an old article (but may not be as relevant as it did mention that JM is under review back then) that may help explain how it works.

PS. I ever held a couple of stocks that got suspended and under went JM before.... eg. MediaStream -> Memstar, Amcol -> AFP (which spun off BundCentre, Sinarmas, Golden Agri,... IIRC). Of course still lose $$, but better than becoming zero...

[CityFarmer]

News update...

STX Pan Ocean shares plunge as receivership accepted

SINGAPORE – Shares of STX Pan Ocean, South Korea’s largest commodities-shipping company, almost halved in Singapore as trading resumed yesterday after a court in Seoul accepted its application to seek protection.

STX Pan Ocean shares plunged 46.4 per cent to close at S$1.78 on the Singapore Exchange, after hitting a low of S$1.74. In Seoul, the dual-listed shares slumped by the daily 15 per cent limit to 2,185 won (S$2.40), the lowest since September 2007 when it debuted on the Korea Exchange.

http://www.todayonline.com/business/stx-...p-accepted

[freedom]

right after STX Pan Ocean filed for receivership, BDI has risen quite a lot.

coincidence?

[Greenrookie]

From what I read,

It is due to china resuming the restocking of iron ore imports, and not just from Australia but also from brazil.

http://www.hellenicshippingnews.com/News...f4344407bb

[Greenrookie]

It never rains but pours for stx pan ocean

http://www.hellenicshippingnews.com/News...dd082af1d2

[safetyfirst]

To share some of my history with this company, i bought 4 lots in the middle of 2008 at a total cost of 13k, sold all in late 2008 for 5k, lost a total of 8k..

haha, fastforward to 5 years later, if i had kept my stock in this pathetic Sh**, my 4 lots will only be worth at most 1k. i was glad that i sold and never looked back

[Dividend Warrior]

To share some of my history with this company, i bought 4 lots in the middle of 2008 at a total cost of 13k, sold all in late 2008 for 5k, lost a total of 8k..

haha, fastforward to 5 years later, if i had kept my stock in this pathetic Sh**, my 4 lots will only be worth at most 1k. i was glad that i sold and never looked back

No wonder your username is "safetyfirst"......