Kumho Tire Work-Out Plan Approved by Creditors
Joongang reports that creditors of Kumho Tire have approved a debt work-out programme. The work-out scheme was proposed by parent company Kumho Asiana Group last week, effectively putting bond payments on hold for the next three months. The next step, the newspaper said, will come as creditors perform due diligence, then lay out and enforce restructuring plans. Creditors of Kumho Tire met at the headquarters of state-run Korea Development Bank, where more than 95 per cent voted in favour of the restructuring.