Kumho Asiana Group Chairman Park Sam-koo’s quest to regain control of the company is almost complete.
Creditors of Kumho Industrial, the majority shareholder of Kumho Asiana, agreed to sell their majority stake in the company to chairman Park for roughly $622.57 million, according to reports. This amount is roughly $15 million higher than his previous offer price.
Since creditors for Kumho Industrial haven’t found another buyer for their shares, its expected the deal will close between Park and the creditors before the end of the year, Korean media reported.