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
Mirae Asset Financial Group Chairman Park Hyun-joo seeks to acquire SK Securities. During a New Year's meeting with financial industry leaders, Park said he is considering plans to increase its capital to 8 trillion won (US$7.13 billion). So, some say that the acquisition of SK securities will signa
Daewoo Shipbuilding & Marine Engineering (DSME) pledged to close down its offshore plant business when the debt ridden company received an additional 2.9 trillion won (US$2.58 billion) in emergency funding from the former Park Geun-hye administration and a state-run bank.The shipbuilder, however, th
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
During a meeting with reporters after the earnings announcement on May 15, Yoo Chang-keun, president and chief executive of Hyundai Merchant Marine Co. (HMM), a major shipping firm here, said that the company will pay back policy loans, which were funded by the previous government, before the term o
As individual investors made an appeal against the court’s decision to approve the assembly of bondholders of Daewoo Shipbuilding & Marine Engineering (DSME), there are growing concerns that DSME’s debt readjustment can be delayed. Not only creditors, including commercial banks, but also bondholders
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
Even though Daewoo Shipbuilding & Marine Engineering (DSME) completed its debt rescheduling, the financial sector came to bear a bigger burden.According to the banking sector on March 19, five commercial banks -- KEB Hana Bank, KB Kookmin, Woori Bank, NH Bank, and Shinhan Bank –- will conduct a fair
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
As Daewoo Shipbuilding and Marine Engineering Co. (DSME) successfully completed the bondholder's meeting on April 18, the cash-strapped company has dramatically dodged a court receivership. With bondholders accepting a debt-to-equity swap, Korea Development Bank (KDB) and Export-Import Bank of Korea
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
Daewoo Shipbuilding & Marine Engineering (DSME) is likely to survive thanks to the flow-in of fresh money, as the National Pension Service (NPS), a major bondholder of the cash-strapped shipbuilder, accepted the debt rescheduling proposal made by the Korea Development Bank (KDB)-led creditors at mid
As the National Pension Service (NPS) and the Korea Development Bank (KDB) have failed to reach an agreement over the debt readjustment for corporate bonds of the debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) and negotiations have come to a deadlock, financial authorities have decided
The Financial Services Commission (FSC) held a meeting with commercial banks in Seoul on April 13 and adopted new corporate restructuring guidelines, which are characterized by corporate restructuring being led by the private sector instead of public.According to the guidelines, commercial banks are
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
The National Pension Service (NPS) suggested a new debt restructuring plan for Daewoo Shipbuilding & Marine Engineering (DSME) on April 9. However, the Korea Development Bank (KDB), the main creditor, refused to accept it. Under the circumstances, a pre-packaged plan is becoming more and more likely
Hyundai Merchant Marine (HMM) and Daewoo Shipbuilding & Marine Engineering (DSME), which have entered into a revival after a massive restructuring each, signed an unusual contract to build ships. Some experts In the shipbuilding and shipping industries say that behind the deal between HMM and DSEM b
Kumho Asiana Group and the Korea Development Bank (KDB) are likely to have a legal battle for the sale of Kumho Tire.Kumho Asiana Group raised a question on March 31 over the notification standard of the sales terms of Kumho Tire. The notification of the sales terms is directly connected with the pe
The Korea Development Bank (KDB) clarified its negative position to the demands of largest shareholders of Daewoo Shipbuilding & Marine Engineering (DSME) for the additional capital decrease and the decrease in price of newly-issued stocks. This is irritating the commercial banks who will be able to