Kumho Tire working out finances with its South Korean creditors

ERJ staff report (TB)

SEOUL, South Korea (Dec. 30, 2009) – Kumho Tire Co. Inc. has entered into a “work-out” procedure with creditors to address short-term financial difficulties.

The “work-out” is a procedure practiced in South Korea that does not involve the court system, Kumho said, whereby the company and creditors work together to address their issues. The “work-out” procedure is permitted for companies that are presumed to have a high possibility of business normalization but have suffered temporary difficulties in repaying loans to financial institutions.

The financial…

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