Report: Dispute grows between creditors, Kumho Tire

Seoul – Kumho Tire creditors, led by Korea Development Bank, have reportedly warned the company’s former parent group that they will no longer offer financial rescue to the tire-maker if the deal to sell 42.01% majority stake to China’s Doublestar Tyre Co. falls through.

According to South Korean business news website, Pulse News under the renewed ultimatum, Kumho Tire could default on 1.3 trillion won (€1 billion) worth of bonds that mature this month.

The report added that in a 20 June meeting, the creditors decided “to…

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