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Biz News Korea(Eng)
Kumho Tire likely headed for bankruptcy court
- Collected
- 2018.02.28
- Distributed
- 2018.03.02
- Source
- Go Direct
“Since the management of Kumho Tire and workers cannot come to an agreement on a self-rescue plan, creditors will hold a meeting on Wednesday to discuss other options,” said Korea Development Bank (KDB), Kumho Tire’s main creditor on Tuesday.
An official from the state lender said creditors cannot sign a memorandum of understanding to grant restructuring on debt relief when the outlook of the plan’s execution is murky without consent from employees.
The most likely alternative option could be a court-led workout program or P-plan, a mixture of court and creditors relief program. Creditors will grant debt relief to give the debtor time to turn around.
The union maintains that it cannot agree to the self-rescue plan unless the management and creditors promise not to sell the company to a foreign capital.
Last year, creditors of the nation’s second largest tire maker tried to sell the company to Chinese rival Doublestar Tyre but the $955 billion won ($892.5 million) planned sale fell through in December due to delays from protesting employees and former owner Kumho Asiana Group. Kumho Asiana Group Chairman Park Sam-koo in November announced that he was giving up longtime wish to win back Kumho Tire, giving creditors full authority to save the troubled tire maker. Since the deal was called off, the creditors and the company have been seeking ways to normalize its business.
By Kim Jung-hwan and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]