No extension for Kumho Tire receivership deadline

Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.

In regards to interest from Tire Bank, Yonhap reports Lee as expressing his “doubts” about the South Korean tyre distributor and retailer’s capacity to raise the required funds and also whether its management could “normalise” Kumho Tire’s factories in China.