Creditors of Kumho Industrial, the holding company of Kumho Asiana Group, have put their majority stake up for sale, according to the Korea Joongang Daily. The creditors acquired 57.4% share of the company when it was suffering a liquidity crunch in 2009.
The investors will accept letters of intent through Feb. 25 and plan to select a buyer this summer.
Under a previous deal, investors promised Kumho Asiana Group Chairman Park Sam-koo first option to purchase the shares. Sam-koo and his son Park Se-chang, who is vice president of Kumho Tire, already have a 10.15% stake in Kumho Industrial, so the family can secure management control by acquiring an additional 40%.
Kumho Asiana is reported to say it will secure the stake up for sale in order to better manage the entire Kumho group.
Industry insiders believe the price for the shares could go for anywhere between 500 billion and one trillion won (approximately $453,850,000 to $907,700,000 USD).