After no moves were made it August, Reuters has reported creditors of Kumo Tire are still preparing to sell their 42% share in the tire company. It is estimated Kumho Tire could sell for at least 1 trillion won (about $870 million).
A spokesperson for Korea Development Bank, Kumho Tire’s largest shareholder, told Reuters the deadline for initial letters of interest will be around November, and main bids should be coming in or around January.
Credit Suisse has reportedly been selected to oversee the deal.
Potential buyers are rumored to include Kumho Asiana Group Chairman Park Sam-koo, Bridgestone Corp., Continental AG, Michelin and ChemChina.
