Starting Normalization Work: Creditors Spun Self-Rescue Plan by Kumho Tire, Making Chairman Park Go | BusinessKorea

Monday, October 23, 2017

Creditors of Kumho Tire decided to go ahead with normalization work after judging that a self-help plan sent from Kumho Asiana Group chairman Park was not enough and rejecting it.
Creditors of Kumho Tire decided to go ahead with normalization work after judging that a self-help plan sent from Kumho Asiana Group chairman Park was not enough and rejecting it.
SEOUL,KOREA
26 September 2017 - 7:00pm
Jung Min-hee

On September 26, creditors of Kumho Tire decided to go ahead with normalization work after judging that a self-help plan sent from Kumho Asiana Group chairman Park Sang-koo was not enough and rejecting it. In addition, chairman Park will immediately step down as chairman and give up primary rights to buy.

The Korea Development Bank and the Kumho Asiana Group intensively discussed various management issues facing Kumho Tire and ways to overcome them. As a result, the bank and group announced that they came to a conclusion that Kumho Tire's self-rescue plan falls short, taking into consideration its effectiveness and feasibility, and agreed to speed up the task of normalizing the group with creditors taking the initiative.

Chairman Park decided to immediately step down along with the current management as chairman and give up primary rights to buy to help Kumho Tire normalize early so contribute to the stability of the local economy and employees’ job security. 

To top it off, the Kumho Asiana Group stated that it was planning to fully support Kumho Tire through methods such as granting a permanent right to use the tire company’s trademark to prevent problems with trademark rights in the normalization of Kumho Tire.

As a consequence, the Korea Development Bank announced that the bank will convene a creditors' council as early as possible to discuss plans and schedules for normalization by a voluntary agreement and do everything in its power to ensure that Kumho Tires will be normalized early, in cooperation with all stakeholders.

 

 

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