Self-Rescue Plan For Kumho

Kumho Industrial, parent company of, among others, Kumho Tires, is currently overwhelmed with debt, due largely to the performance of is Asiana Airlines subsidiary. The company has formulated a self-rescue plan, which involves raising money through selling shares in the tyre company. Few details are publicly available, but it is believed that two foreign financial institutions (one from Hong Kong, the other from the USA) have taken a shareholding worth US$ 1.

2 billion in the tyre manufacturer, which will continue to run with the same management. The plan also involves Kumho selling off one of its three petrochemical plants..