SEOUL, South Korea — Kumho Asiana Group Chairman Park Sam-Koo stated recently he has no intention of reacquiring Kumho Tire Co. Inc., according to a report in Business Korea.
The newspaper said Mr. Park called an "unscheduled" news conference to help "settle a conflict with Korea Development Bank," the bank that controls a 42-percent stake in Kumho Tire.
China's Qingdao Doublestar Tire Co. Ltd. had agreed earlier this year to acquire KDB's 42-percent stake in the tire company, but that deal collapsed in September over a trademark rights dispute with Mr. Park.
At the time, Mr. Park announced that he would submit a "self-rescue" plan for Kumho Tire, South Korea's second biggest tire maker. Mr. Park is acting on his own behalf and not as a representative of Kumho Asiana.
If the plan had been accepted, it would have extended the maturity of Kumho Tire debts.