SEOUL, March 28 (Korea Bizwire) – Creditors of Kumho Tire Co. on Tuesday asked the chief of logistics conglomerate Kumho Asiana Group to present a detailed plan for his buyback of the country’s No. 2 tiremaker, including the formation of a consortium to take over the business.
The creditors, led by the state-run Korea Development Bank, said they will review whether to allow Park Sam-koo to exercise his right to buy back Kumho Tire after receiving the plan they have requested.
The head of Kumho Asiana Group and the creditors have been haggling over Park’s demand to allow him and the special purpose company he created to buy the tiremaker.
Park said earlier that he will take legal action against the creditors of Kumho Tire for denying its right to buy back the former affiliate.
Kumho Tire was placed under a creditor-led workout program in 2009 after its parent company was hit by a liquidity problem following its takeover of Daewoo Engineering and Construction Co.
At that time, Park was given a priority option to buy back the country’s tiremaker should the creditors of Kumho Tire decide to sell the company.
The creditors signed a deal earlier this month to sell their combined 42.01 percent stake in the tiremaker to Chinese tiremaker Doublestar for 955 billion won (US$831 million).