Reuters: Hot Stocks: Korea Hot Stocks-STX Offshore jumps on likely imminent creditor rescue

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Korea Hot Stocks-STX Offshore jumps on likely imminent creditor rescue Jul 31st 2013, 01:01 SEOUL, July 31 | Tue Jul 30, 2013 9:01pm EDT SEOUL, July 31 (Reuters) - South Korea's main KOSPI share index was down 0.1 percent at 1,915.94 as of 0046 GMT. The index opened down 0.1 percent at 0001 GMT. Shares in STX Offshore & Shipbuilding Co Ltd jumped 13.6 percent as creditors are expected to agree on Wednesday to an extra 2.15 trillion won injection into the cash-strapped shipbuilder by 2017. With this last-minute agreement, STX Offshore is expected to meet a coupon payment deadline on Wednesday, a creditor source with direct knowledge of the matter told Reuters. STX Offshore shares rose 49 percent in the six sessions to Tuesday, regaining some of the ground lost when STX Offshore applied for corporate restructuring in early April as investors hope creditors' rescue will help normalise the shipbuilder. STX Corp, STX Offshore's largest shareholder, rose by the daily limit of 15 percent, while affiliate shipper STX Pan Ocean Co Ltd advanced 11 percent. (Reporting by Joyce Lee; Editing by Subhranshu Sahu)

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