A Reuters news report yesterday stated that creditors of Kumho Tire Co. have “asked Credit Suisse to work on a sale of their stake,” citing “three sources familiar with the situation.”
The creditors, the report said, hold a 42% share in the South Korean tiremaker, which has a reported market capitalization of 1.07 trillion Korean won or an estimated $893 million.
Kumho Tire Co. offered no comment on the Reuters story.
Reuters said that the “chairman of Kumho Asiana Group, Park Sam-Koo, has a right of first refusal on any deal once bids are in,” and that factor as well as “the limited size of the stake up for grabs and the matter of dealing with the company’s labor union, could limit interest from European or U.S. buyers.”
