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Kumho Tire Equity Sale Sparks Threat of Lawsuit
Chinese tiremaker Qingdao Doublestar Co. has signed a deal to pay 995 billion won ($843 million) to buy a 42% stake in South Korea’s Kumho Tire Co.
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Chinese tiremaker Qingdao Doublestar Co. has signed a deal to pay 995 billion won ($843 million) to buy a 42% stake in South Korea’s Kumho Tire Co. The equity is held by a group of creditors headed by Korea Development Bank.
But Park Sam-koo, chairman of Kumho’s parent, Kumho Asiana, says he will sue the creditors for failing to notify him about the deal, The Korea Herald reports.
Kumho was placed under creditor control in 2009 after overexpanding.
Park intends to exercise his right to outbid Doublestar within 30 days. He wants to financial the buyback through a consortium of strategic investors. But the newspaper says Korea Development Bank insists it will consider only an offer from financial investors.
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