이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Kumho Asiana chairman will no longer pursue Kumho Tire
- Collected
- 2017.11.29
- Distributed
- 2017.11.30
- Source
- Go Direct
“I have no wish to rebid for Kumho Tire (if it is put up for sale again),” Park said in a press conference on Tuesday.
Park admitted that it was his fault that Kumho Tire, the country’s second largest, has performed poorly since 2015.
“I have given up the management right and right of refusal in Kumho Tire to save the company. Whether it is a corporate player or financial institution, I hope Kumho Tire finds a good buyer and become normalized as soon as possible,” he said.
Park relinquished his right of refusal that allows him to buy back Kumho Tire under the same terms of the highest bidder as its main creditor Korea Development Bank and others threatened not to extend debt relief, placing the company at the risk of going bankrupt.
Park and Kumho Group interrupted the sale of Kumho Tire to smaller Chinese rival Doublestar Tyre with terms on trademark rights. The 955 billion won ($882.2 million) deal officially broke off in September.
“I will do my best to strengthen the group in the construction and transportation field,” he said.
Kumho Asiana Group lost its stake in Kumho Tire in 2009 amid liquidity woes following the global financial crisis.
Earlier this week, Kumho Holdings completed the merger with Kumho Buslines, a move designed to improve the finances and bottom line of the group’s holding company for better management, according to Kumho Asiana Group.
As of 1:42 p.m., shares of Kumho Tire were up 1.75 percent at 6,990 won.
By Hwang Soon-min and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]