Letter to the Editor from RTA
Now that the dust has settled I want to thank all the folks in the retread industry who have decided to support the Retread Tire Association. The response from retreaders and suppliers has been overwhelming and we are delighted to report that we are adding new members practically every day. To those who are on
Kumho Creditors May Inject Cash This Month
Kumho Tire Co. could reach a deal with creditors on new cash injections and debt restructuring by the end of the month, according to the head of Korea Development Bank, Kumho Tire’s main creditor. The South Korea-based company, a unit of Kumho Asiana Group, already has reached an agreement to convert debt to equity, Min
Letter to the Editor: Littlefield Appreciates GTE Coverage
Dear Editor: On behalf of the Tire Industry Association (TIA), I want to thank you for your recent editorial concerning the Global Tire Expo Powered by TIA (Tire Review, April 2010). It’s exactly through support like yours that we can continue our work of representing and protecting the interests of our members and the tire
Kumho Creditors Agree to $1.08 Billion Infusion
Creditors, led by the Korea Development Bank, have formally agreed to provide new capital to Kumho Tire Co. Earlier today, the KDB and other creditors signed off on 1.2 trillion won ($1.08 billion) in a debt-for-equity swap and fresh capital, according to the KDB. "Creditors agreed to assist Kumho. We will switch company debts into
Kumho Creditors Stepping Up With New Funds
AsiaPulse reports that creditors of Kumho Tire Co. may supply nearly $450 million in new loans to the company as part of a debt-restructuring program. The primary creditor, Korea Development Bank, was to meet today with other financial firms to discuss the loan plans, and whether to convert their debt holdings into shares, according to
Kumho Workers Vote Down Pact, Creditors Consider Options
Both the Korea Times and Yonhap News Agency have reported that union workers at Kumho Tire’s plants in South Korea have roundly rejected a new contract with the troubled tiremaker, throwing into doubt what actions company creditors may now take. In a two-day vote by rank-and-file workers, the new contract proposals were – one with
Creditor Support Boosts Kumho Asiana Shares
Messages of support from major creditors such as Korea Development Bank and a restructuring plan have led to shares in the Kumho Asiana Group – which includes Kumho Tire – experiencing a jump of up to 15% in Tuesday trading, say Reuters reports. The state-run bank helped the company to suppress ideas that the Group
Creditors Set to OK Funds for Kumho Units
Reports say that Kumho Asiana Group creditors have signaled their intent to lend a total of $328 million to help its troubled Kumho Tire and Kumho Industrial units. The are likely to pump some $210 million into Kumho Industrial, and another $118 million to Kumho Tire. “We’ve decided to provide new funding quickly, although Kumho
Kumho Creditors Expect Deep Cuts, Leave Management in Place
According to the Korea Herald, Kumho Asiana creditors will allow the conglomerate to keep managerial rights over its operations for five years. "We expect the group to put its units on a normalization course within five years," said an official at Korea Development Bank, Kumho’s largest creditor. "Its managerial rights will be kept for up
Editor’s Comment: EU-Korea Agreement Will Aid Tire Sales
On Oct. 15, EU Trade Commissioner Catherine Ashton and South Korean Trade Minister Kim Jong-hoon initialed a free trade agreement (FTA), which the EU calls “the most important ever negotiated between the European Union and a third country.” Estimated to be worth a total of 19 billion euros in new trade for EU exporters, the