Deals
Chaebol Founder Dismantles Life’s Work as Slump Deepens: Freight
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Kang Duk Soo spent eleven years turning a failing ship-engine maker into a conglomerate with $23 billion in assets. He is now dismantling it.
His STX Group put the controlling stake of its shipping unit up for sale last week as it tries to raise 2.5 trillion won ($2.3 billion) to pay off debt. It’s already spent nearly a year looking for a buyer for its affiliated offshore-vessel maker.