Update – Details emerging on Impact of Kumho Workout
Even as the debt-laden Kumho Asiana Group continues with its overall corporate restructuring plan, more details are starting to emerge about the fate of its Kumho Tire Co. unit. Both Kumho Tire and sister unit Kumho Industrial have entered a debt “work-out” program with creditors, and the “majority” of those creditors have agreed to freeze debt repayments for three months to allow the companies “time to carry out a planned restructuring programme.”