New Kumho Tire asking price a chance for Park Sam-koo

Kumho Asiana chairman Park Sam-koo may soon be back in the running to acquire a 42.01 per cent stake in Kumho Tire.

The South Korean tyre maker’s creditors met yesterday to discuss Qingdao Doublestar Tire’s official request for a 16.2 per cent discount. Main creditor Korea Development Bank and the other creditor banks will decide by the end of this week whether or not they’ll approve Doublestar new asking price of KRW 800 billion (£544.6 million) instead of the previously agreed KRW 955 billion.

It is believed the creditors will accept Doublestar’s request. Doing so would require the signing of a new agreement, which means the creditors must also ask Kumho Asiana chairman Park Sam-koo if he intends to exercise his right of first refusal. Local news sources Pulse and Business Korea report that the creditors would allow Park to form a consortium in order to raise the funds for a bid, an arrangement they were against earlier this year.