Since STX Pan Ocean Co. filed for bankruptcy, the company will be eliminated from the Korea Stock Exchange KOSPI 200 Index (KOSPI 200). Accordingly, STX Group's shares will be also removed from the same index.
Korea Exchange (KRX) announced on August 30 that, starting on September 2, STX will be excluded.
According to KRX, a creditor with about 100 million won (US$90,400) in stocks at STX filed the company's bankruptcy petition at the Seoul Central District Court after the stock market closed on August 29.
Once a bankruptcy petition for a listed company is filed, the company stocks will be designated as issues for administration, regardless of the court's ruling. In that event, those stocks will be automatically eliminated from major indexes.
In June, Korea's biggest commodities carrier filed for corporate rehabilitation proceedings. On August 16, the company refused to accept auditors' opinions in the audit report on the first half of this year.
On August 30, STX Pan Ocean was designated as an issue for administration, and will be eliminated from major indexes on September 2. Instead, the Shilla Hotel and Daechang Solution will be included in the KOSPI 200 and KRX Shipbuilding Index, respectively.