South Korea's fourth largest shipbuilder is reportedly filing for bankruptcy protection.

The Wall Street Journal(WSJ) says a Texas court has granted STX Offshore and Shipbuilding Company a temporary restraining order to block creditors from seizing its U.S. assets.

The paper reported Thursday the company had filed chapter 15 bankruptcy papers with the same Texas court this week.

STX executive Jang Yoon-keun, is quoted in court documents as saying the shipbuilder would “suffer irreparable harm” if U.S. creditors are allowed to seize the company's assets.

A favorable ruling would make the company immune to such actions.

The company filed for court receivership here in South Korea in May. Its leadership is known to be planning to sell the company.