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December 01, 2017 01:00 AM

Kumho's Park will not rebid for Kumho Tire

European Rubber Journal
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    Kumho Asiana Group photo
    Mr. Park

    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.

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