] An SM Group-led consortium was picked as the preferred bidder for STX Corp
., the company said March 14.
SM Group and three others made offers earlier last week to buy the cash-strapped STX, an affiliate of the now-defunct shipping conglomerate STX.
Since mid-February, trading of STX, a trading firm, has been suspended on the Seoul bourse due to the erosion of its capital base. The company faces the risk of being delisted if it fails to come up with measures to bolster its capital base.
SM Group reportedly plans to pour 130 billion won into STX. The state-run Korea Development Bank owns 39.59 percent of STX, with NongHyup holding 10.07 percent.
By Alex Lee and newswires (email@example.com