STX Group, one of the nation's leading shipbuilders, has joined the competition to take over Daehan Shipbuilding, The Korea Times reported. The company said Wednesday it had submitted a bid to buy the cash-strapped firm the previous day, the closing day for the tender. Daehan Shipbuilding, now under a debt rescheduling program, has a 140,000 square-meter dock in Haenam, South Jeolla Province. Daehan, the world's 35th largest shipyard by order backlog, suffered operating losses of 23.3 billion won ($20.7 million) and a net loss of 191 billion won on sales of 307 billion won last year. STX will vie against an unnamed United Arab Emirates (UAE)-based shipping company for the acquisition. Creditors of the struggling shipbuilder will hold separate negotiations on terms of the takeover, including debt-rescheduling and debt-for-equity conversion, for a month before deciding on the preferred bidder. Read more.