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Task Force Formed to Help with Kumho Tire Restructure

The Korea Development Bank has established task forces to handle the acquisition, merger and restructure of Kumho Tire.

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The Korea Development Bank has established three task forces to handle the acquisition, merger and restructure of Kumho Tire, according to The Korea Herald.

The state-run bank, the main creditor of the tiremaker, and several other creditors had planned to come up with measures for the company’s sale and restructure by the end of last year, but extended the deadline to the end of January. The task forces were created amid reports that SK Group expressed interest in the purchase of the tiremaker last month.

Kumho’s debt, which totals 1.9 trillion won ($1.8 billion), was extended to the end of January to facilitate a bailout deal through a debt restricting process. While Kumho Tire USA, Inc. enjoyed increased stability and growth, the global organization has had a more turbulent 2017, including a proposed purchase by Chinese manufacturer Qingdao Doublestar that fell through after Kumho’s creditors and Doublestar failed to reach an agreement on financial terms.

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