Seoul – Chairman of Kumho Asiana Group Park Sam-koo has officially declared that he has no intention of reacquiring Kumho Tire, according to a Business Korea report 28 Nov.
The newspaper said Park called an “unscheduled” press conference to help “settle a conflict with Korea Development Bank (KDB)”, the main creditor of Kumho Tire.
This is while Park has not made his intentions clear with regards to the Kumho Tire trade mark which, as reported by ERJ, caused a deal with China’s Qingdao Doublestar collapse in September.
Doublestar had bid 955 billion won (€778 million) to acquire a 42.01% controlling stake in the tire company earlier this year.
Disputes over trade mark rights with Park, however, led to the collapse of the deal later in September.
At the time, Park announced that he would submit a “self-rescue” plan for Kumho Tire, South Korea’s second biggest tire maker.