Kumho Asiana Fires Seven Execs

According to a statement released by Kumho Asiana, the group dismissed seven of its 18 CEO-level executives on January 12. The company had previously said it would cut the number of executives in its ranks by 20 per cent and raise more than Krw 1.3 trillion (£695 million) through cost cutting measures and asset sales.

Creditors of Kumho Tire and Kumho Industrial have begun due diligence, and plan to present a final debt workout plan for both units by the end of February.