Kumho Tires strongly opposed the Korea Development of Bank (KDB)'s evaluation of its management and decided to take a legal action.Earlier on July 7, the KDB fixed the rating of the management evaluation of Kumho Tire in 2016 as “D” and notified of it through the latter’s shareholders council.Kumho
The sale of Kumho Tire has hit a tipping point at the last minute. Kumho tire creditors have decided to hold a meeting to come up with a new offer for the use of the Kumho trade mark on July 7. However, politicians have urged them to stop the sale of the cash-strapped tire company.At the policy coor
Doublestar, which is seeking to acquire Kumho Tire, hasn’t submitted an application for its defense business acquisition approval to the Ministry of Trade, Industry and Energy (MOTIE) as of July 2. The Chinese company had planned to apply for approval of the acquisition of Kumho Tire’s defense busin
Kumho Tire announced on June 29 that it has received a finalist prize in this year's International Design Excellence Awards (IDEA) in the automotive and transportation category.IDEA is an annual award program presented by the Industrial Designers Society of America (IDSA) where designers and compani
Kumho Tire creditors, which have had disputes over the use of the trademark rights to Kumho Tire, have decided to make a final modified offer to Asiana Group Chairman Park Sam-koo.According to creditors on June 25, Kumho Tire's main creditor Korea Development Bank (KDB) is planning to hold its share
Kumho Tire creditors, including the Korea Development Bank (KDB), made clear on June 20 that they would reconsider whether to retain their business relations with Kumho Asiana Group if the sale of the company falls through. The dispute between the creditors and Kumho Asiana Group Chairman Park Sam-k
The Korea Development Bank (KDB) arbitrarily interpreted the conditions for Kumho trademark rights, which will determine the sale of Kumho Tire, and unilaterally pressed ahead with the sale.Kumho Industrial Co. received an official notice from the KDB on September 13 last year. The bank said it need
Kumho Industrial accepted creditors’ request for use of its trademark rights on June 9, while claiming that 0.5% of sales should be paid in return and cancellation should not be allowed. this constitutes a de facto refusal, according to industry sources.Kumho Industrial’s, that is, chairman Park Sam
It has been found that Kumho Tire creditors recently sent a message to Doublestar Tyre in order to call on the Chinese tire manufacturer to stick to their stock purchase agreement (SPA). “It seems that Doublestar is trying to acquire Kumho Tire at a lower price by breaking the current deal and biddi
Kumho Asiana Group began negotiations with creditors on the use of trademark rights of the Kumho brand, which holds the key to the sale of Kumho Tire. However, all eyes are on whether the two sides can reach an agreement as they are polarized on the issue.According to industry sources on May 30, Kum
As some creditors of Kumho Tire refused to roll over matured debts worth over 2 trillion won (US$1.78 billion), negotiations between the Korea Development Bank (KDB) and Chinese tiremaker Doublestar on Kumho have been stopped. This is because Kumho failed to have two preconditions presented by Doubl
Kumho Tire Co. saw its operating profit turn towards the red in the first quarter this year due to growing concerns over a fall in the brand value as the company is likely to be acquired by a Chinese investor. The nation’s second-biggest tiremaker is suffering from “China Discount” even before its s
Trade unions in South Korea are demanding new labor-management relations under the new government. The Korean Confederation of Trade Unions (KCTU) is even calling for direct negotiations between workers and the government instead of those in the framework of the tripartite committee. Under the circu
Veteran researchers, who worked at Kumho Tire for more than 10 years, recently moved to China’s Doublestar with an exceptionally good conditions. Doublestar already drained key players of Kumho Tire at the moment when the company pushes ahead with the acquisition of Kumho Tire. In this regard, indus
It will decide the direction of the current sale of Kumho Tire whether Kumho Industrial allows Korea Development Bank (KDB) to use the trademark rights of the Kumho brand. The KDB thinks that Kumho Tire received approval of the use of the trademark rights of the Kumho brand for the next five years f
Kumho Asiana Group Chairman Park Sam-koo decided not to exercise his right of first refusal to acquire a stake in Kumho Tire. However, he urged creditors for a fair rebid, calling the process of selling led by state-run Korea Development Bank (KDB) “unjust and unfair.” Accordingly, the takeover batt
Creditors of Kumho Tires are likely to start the process of selling the ailing tire manufacturer to a China-based company as the state-run Korea Development Bank (KDB) decided not to accept the requeat by the chief of Kumho Asiana Group to allow him to form a consortiumThe starting date will be arou
It has been found that Kumho Tire’s overseas replacement equipment (RE) sales fell by more than 10% year on year in the first quarter of this year. Its sales dropped in most regions during the period, including Europe, Latin America and Asia. Overseas sales constitute two-thirds of the company’s tot
The chairman of Kumho Asiana Group will not exercise his right to buy back its affiliate Kumho Tire now under creditors' control, unless its creditors give a clear answer to him about forming a consortium for the acquisition, the business group said on April 12.Earlier the creditors, led by the stat