SEOUL, Aug. 2 (Yonhap) -- STX Pan Ocean Co., the country's leading bulk carrier, said Friday that its chief executive Kang Duck-soo has resigned as the shipper has been under court receivership since June amid a deepening liquidity crisis.
Kang is also the chairman of the cash-strapped STX Group, the 13th biggest conglomerate, which has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.
Creditors have pumped liquidity into ailing STX Group in return for overhaul efforts.
STX Group's holding company STX Corp. and its three ailing units -- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine -- have requested that creditor banks supply liquidity.
STX Group had a combined 2.86 trillion won in corporate debt to be paid out by 2015, of which 580 billion won was due this year, according to NICE Investors Service, a local credit appraiser.