Kumho Asiana Group has taken back control of its holding company Kumho Industrial, according to the Korean Times.
In 2009, Kumho Asiana Group had to sell off its controlling stake in the holding firm as part of its creditor-managed workout program. Kumho Chairman Park Sam-koo has been working on regaining control of the company for some time, and in September, he signed an agreement with creditors to acquire a majority share of the company for roughly $622.57 million.
In October, Park established Kumho Enterprise to help pay for the acquisition, the Korean Times reported. Park and his family members own 67.7% stake in Kumho Enterprise.