April 27, 2024
Automobiles
Creditors to discuss debt restructuring for Kumho Tire
[THE INVESTOR] Creditors of Kumho Tire will convene a meeting later this week to discuss a debt-restructuring plan for the troubled tire maker, according to the state-run Korea Development Bank on Sept. 28.
The meeting on Sept. 29 of creditors, led by the KDB, is expected to pave the way for them to roll over Kumho Tire’s debt worth 1.3 trillion won (US$1.14 billion), which will mature by the end of this month.
Earlier this week, the KDB said creditors will take control of Kumho Tire under a debt restructuring program to help the company swiftly get back on its feet.
Park Sam-koo, chairman of Kumho Tire, gave up his management rights at the company and pledged to work with creditors, the KDB said.
During the upcoming meeting, creditors will also discuss the appointment of a new CEO.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The meeting on Sept. 29 of creditors, led by the KDB, is expected to pave the way for them to roll over Kumho Tire’s debt worth 1.3 trillion won (US$1.14 billion), which will mature by the end of this month.
Earlier this week, the KDB said creditors will take control of Kumho Tire under a debt restructuring program to help the company swiftly get back on its feet.
Park Sam-koo, chairman of Kumho Tire, gave up his management rights at the company and pledged to work with creditors, the KDB said.
During the upcoming meeting, creditors will also discuss the appointment of a new CEO.
By Alex Lee and newswires (alexlee@heraldcorp.com)
