STX Pan Ocean Co., Ltd. Announces Resignation of Executives
November 24, 2013
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STX Pan Ocean Co., Ltd. announced that according to the revised Rehabilitation Plan approved by the Court at the Meeting of Interested Parties held on November 22, 2013, the following directors and Chief Executive Officer have been resigned as of November 22, 2013; Mr. Chun Il Yu (Chief Executive Officer and Executive Director); Mr. Dong Moo Choi (Independent Director); Mr. Yun Jae Baek (Independent Director); Mr. Joon Woo Han (Independent Director). In the future, new Executive Directors and Chief Executive Officer will be appointed after the legal administrator will discuss with the creditors and seek the court approval on them in the process of rehabilitation procedure.
Pan Ocean Co Ltd is a Korea-based company principally engaged in the provision of sea transportation services. The Company operates its business through two segments. The Shipping segment is engaged in the provision of sea transportation services using bulk carriers and non-bulk carriers. The bulk carriers include break bulk liners, trampers and large bulkers. The non-bulk carriers include tankers, containers, gas carriers and heavy lifters. This segment is engaged in the sea transportation of cargoes such as iron ores, coals, grains, containers, crude oil, crude oil, automobiles, liquefied natural gas (LNG), as well as special cargoes. In addition, this segment is engaged in the grain business, which purchases and sells grain to importers. The Other segment is involved of ship management business and leasing business.
PAN OCEAN CO., LTD. 
