The Korean stock exchange has announced that ailing shipbuilder STX Offshore and Shipbuilding (STX O&S) has been delisted.
The decision follows from a regulatory filing made by the shipbuilder in late March, which reported devastating losses of over 3.35 trillion Won (US$3.1 billion) during 2013.
Other losses included a 2.36 trillion Won (US$2.2 billion) operating loss, and a net loss of four trillion Won (US$3.78 billion).
Both sets of losses were significant increases compared to the previous year, with the company posting an operating loss of 699 billion Won (US$660 million) and a net loss of 782 billion Won (US$740 million) in 2012.
As well as these spiralling losses, the decision to delist was based on the results of an independent audit, and the state of the company's capital. The delisting is scheduled for mid-April, with a share disposal period running from April 4 to April 14.
{WISroYQ symbol='067250.KS'}