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Report: Kumho Tire deal one step closer to completion

Seoul – Kumho Tire creditors, led by the Korea Development Bank (KDB), have announced that they will accept a proposal by chairman of Kumho Asiana Group Park Sam-koo to end a dispute over the sale of a 42.01% share of the tire company to China’s Qingdao Doublestar Tyre Co.

According to local press, the KDB announced on 26 July that creditors will accept the proposal by Park to pay 0.5% of sales as the trademark royalties for 20 years.

Korean news agency Yonhap reported that the announcement came…

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