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Suggestion of court receivership -Kumho Tire shares fall 30%

A newspaper report suggesting that Kumho Tire may be placed under a court-led debt restructuring programme prompted an almost 30 per cent drop in the value of shares in the tyre maker yesterday. Reuters writes that, according to an article published by South Korean newspaper Segye Ilbo, main Kumho Tire creditor the Korea Development Bank is considering requesting a pre-packaged restructuring plan. Such a plan may result in Kumho entering into court-administered receivership.

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  2. Kumho Tire’s creditors accept proposal
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. No extension for Kumho Tire receivership deadline
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Kumho Tire appoints Kim Jong-ho as CEO

As expected, Kim Jong-ho has returned as chief executive officer of Kumho Tire. The former company president and chief executive officer was named the tyre maker’s new chairman and chief executive officer at an extraordinary meeting of shareholders. It is understood that he will hold this position for a three-year term.
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‘Drastic measures’ threatened in Kumho Tire brand dispute

While Park Sam-koo won’t bid to acquire the Kumho Tire shareholding currently held by its creditors, he already holds one particular asset, and he’s not willing to simply let go of it. Through subsidiary Kumho Industrial, the Kumho Asiana Group chairman controls rights to the Kumho brand name. Park is prepared to allow whoever acquires the 42.01 per cent share in Kumho Tire to use the Kumho name – provided they pay for the privilege. This is a point that will likely complicate any potential sale.

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Kumho Asiana boss no longer looking to buy Kumho Tire share

At a press conference in Seoul today, Kumho Asiana Group Chairman Park Sam-koo stated he has no intention to acquire the share in Kumho Tire currently controlled by the Korea Development Bank and other creditors. Although originally interested in purchasing the 42.01 per cent stake, Park has relinquished his first right of refusal.

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Creditors name new Kumho Tire senior management

Kim Jong-ho will likely return as president and chief executive officer of Kumho Tire. The 70-year old, who held these positions from 2009 until his retirement in 2012, has been recalled by the tyre maker’s creditors to head the loss-making company. During his previous tenure, Kim led Kumho Tire through the early years of its debt workout programme. The creditors will seek approval for Kim’s appointment at a Kumho Tire extraordinary shareholders’ meeting on 1 December.

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  1. Kumho Tire appoints H.S. Lee its new CEO
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Study: All-season 4% of UK tyre sales in 2016

According to a study carried out for Kumho Tire, sales of all-season tyres in the UK are only a little over half the European average. Kumho contracted market research institute GfK to look at all-season tyre sales in ten European countries; GfK found that four per cent of tyre buyers in the UK opted for all-season products.

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Union asks South Korea to address Kumho Tire’s employee relations in USA

Leo W. Gerard, president of US-based trade union the United Steelworkers (USW), has sent a letter to South Korea’s President in which he raises concerns about Kumho Tire’s dealings with its workforce in the United States. The USW comments that this correspondence with Moon Jae-in addresses Kumho’s “union-busting actions towards its workers” and asks the South Korean government to intervene and “ensure that the workers are free to exercise their democratic rights.”

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  1. Tom Conway appointed USW international president
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Doublestar wants Kumho Tire stake for KRW 800 billion

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On Friday, we reported that Chinese tyre maker Qingdao Doublestar Tire was angling for a ten per cent discount on the 42.01 per cent stake in Kumho Tire it wishes to acquire. Not so, wrote The Korea Times over the weekend – according to its sources, Doublestar wants creditors to cut the price to KRW 800 billion (£544.6 million), a discount of 16.2 per cent on the original bid price.

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  4. Kumho Tire proposal ‘tentatively’ accepted
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Doublestar surprises with demand for Kumho Tire discount

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Just when it seemed the sale of a controlling stake in Kumho Tire to Qingdao Doublestar Tire was in the bag, the Chinese tyre maker has surprised everyone with its demand that Kumho Tire’s creditors reduce their KRW 955 billion (£650.3 million) bid price by ten per cent. Will this cause the deal to fall apart?

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Signing of Kumho Tire contract expected this month

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According to industry sources, Kumho Tires’ creditors will return the agreement on use of the Kumho brand name to Kumho Industrial this week ahead of a planned signing of a contract before the end of the month.

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Kumho Tire profits drop 26% in Q2 2017

Decreased demand from major markets has caused led to lower net profit at Kumho Tire in the second quarter of the year. Yonhap News reports that in the three months to 30 June, the South Korean tyre maker achieved consolidated net profits of Krw 195 billion (£132.5 million), 26.4 per cent less than a year earlier. Operating profit fell 34.4 per cent year-on-year to Krw 204 billion (£138.6 million).

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Kumho Tire’s creditors accept proposal

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Nothing now stands in the way of Qingdao Doublestar Tire’s acquisition of a 42.01 per cent share in Kumho Tire. Last Friday, the creditors of Kumho Tire accepted the offer made by Kumho Asiana.

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  1. Creditors strive to keep Kumho Tire deal alive
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Kumho Tire proposal ‘tentatively’ accepted

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Although it’s probably too early for champagne corks to pop, progress has been made in the Kumho Tire shareholding negotiations. Yonhap News Agency writes that the tyre maker’s creditors have “tentatively agreed to accept original proposals” made by Kumho Asiana, adding that this may pave the way for creditors to complete the sale of the 42.01 per cent shareholding to Qingdao Doublestar Tire.

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  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. New Kumho Tire asking price a chance for Park Sam-koo
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. Doublestar back in pole-position for Kumho purchase
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Creditors, Doublestar Tire receive final offer for use of Kumho brand name

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Negotiations over the use of the Kumho brand name are drawing to a conclusion, with Park Sam-Koo and the board of Kumho Industrial Co. announcing their final offer following a meeting yesterday. This offer centres on the payment of 0.5 per cent of Kumho Tire’s sales in brand royalties for 12.5 years and a clause ensuring that Doublestar uses the Kumho name for the entire period.

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  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho brand name off-limits to tyre maker’s potential purchaser
  3. Kumho Tire: Will South Korea’s new President stop sale to Doublestar?
  4. New Kumho Tire asking price a chance for Park Sam-koo
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