Creditors make new offer to revive Kumho Tire deal

Seoul – Kumho Tire creditors have come up with a new offer for the use of the Kumho trade mark in a bid to resolve a dispute over royalty rates for the brand, reports say.

According to the Chosun Biz news website on 6 July, the creditors, led by Korea Development Bank, are planning to set the royalty rate at 0.35% of annual sales.

This will meet half-way, the creditors’ initial offer of 0.2% and Kumho Asiana Group’s chairman Park Sam-Koo’s claim of 0.5%.

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