STX gives Aker Yards short-term loan

STX gives Aker Yards short-term loan Aker Yards ASA has called on major shareholder STX Corp. to assist with a short-term loan to cover a liquidity crisis caused by a delay to the 70 percent sale of its merchant vessels business to FLC West.
   In order to compensate for this short-term liquidity need, Aker Yards requested South Korea’s STX, now a 40.4 percent shareholder of the Norwegian shipbuilder, to support it by arranging short-term financing or by participating in a bond issue.
   STX Norway AS has today agreed to provide short-term financing to Aker Yards in the aggregate amount of NOK 450 million ($88.5 million). The loan carries an interest rate of NIBOR +1.5 percent and shall be repaid to STX Norway AS no later than on July 31.