From Tire Review
Creditors of Kumho Industrial have agreed to privately negotiate with Kumho Asiana Group Chairman Park Sam-koo over the sale of majority shares, according the Korea Times. The announcement comes a few weeks after the creditors rejected Hoban Construction’s bid to buy Kumho Industrial for roughly $561 million. Kumho Industrial, the parent company of Kumho Asiana Group, majority shareholders announced they’d be selling their shares in February 2015.
The creditors accepted bids of purchase for the majority shares, but Park still had the first option to purchase the shares under a previous agreement.
The creditors will make a final decision on private negotiation on May 18, the Times reported. According to industry insiders, there might be a big price gap between what creditors want for their shares and what Park is willing to spend, according to the Korea Times. It is expected that creditors will ask Park to pay at least 800 billion won for a 57.5 percent state because the business controls the nation’s No. 2 air carrier, Asiana Airlines. Kumho Industrial is the largest shareholder of Asiana group with roughly a 30 percent stake. The purchase of Kumho Industrial would also ensure the management control of Air Busan and four other Kumho affiliates, the Korea Times said.
