Amid the trouble with Kumho trademark between creditors and chairman Park Sam-koo, Kumho Tire's preferred bidder Doublestar sent an agreement for the cancellation of a stock purchase agreement (SPA) to creditors on September 12, which put the sale of Kumho Tire finally aborted.As Doublestar announce
The sell-off of Kumho Tires actually broke up after controversies. On September 5, the Kumho Tire creditors, including the Korea Development Bank (KDB), held a shareholders' meeting and decided not to accept a demand to cut the sale price from China’s Doublestar.Doublestar demanded a change in the s
Park Sam-koo, chairman of the Kumho Asiana Group, decided to accept a proposal by the Korea Development Bank (KDB) in connection with a contract for the use of Kumho Tire trademarks with Doublestar of China. This means that chairman Park will take control of Kumho Tire through a primary right to buy
On August 28, Minister of Trade, Industry & Energy Baek Woon-kyu expressed his objection to Korea Development Bank’s plan to sell Kumho Tire to a foreign company.“The Defense Acquisition Program Administration recently asked my ministry to respect the Technology Leakage Prevention Committee’s decisi
China’s Qingdao Doublestar Tire, the preferred bidder of Kumho Tire, made an official request to creditors to cut the sale price of Kumho Tire by 16 percent, or 155 billion won (US$137.45 million). The company seeks to buy Kumho Tire for 800 billion won (US$709.41 million).According to the Korea Dev
The sale of Kumho Tire led by the Korea Development Bank (KDB) has virtually ground to a standstill in seven months after Chinese tire maker Doublestar was selected as a preferred bidder in January this year.According to investment banking industry sources on August 17, Doublestar has recently deman
Kumho Tire's sales force and overseas buyers took to the street together. On August 8, they held a silent protest against the problematic sale of the company in front of Kumho Asiana Main Building in Gwanghwamun, Seoul.They said that the Korea Development Bank (KDB)’s unreasonable sale of Kumho Tire
The Korea Development Bank (KDB) announced on July 26 that Kumho Tire creditors will accept chairman Park Sam-koo’s recent proposal and pay the tire manufacturer a shortfall in trademark royalties on a yearly basis.The chairman adhered to 0.5% of sales as the trademark royalties to remain effective
Kumho Asiana Group Chairman Park Sam-koo proposed a final offer regarding the use of Kumho Tire trademark, which can make or break the sale of Kumho Tire. He partially accepted the revised offer from the Korea Development Bank (KDB) but asked creditors to clarify the brand usage fees. Park is trying
Forty one Kumho Tire executives, including CEO Lee Han-seob, issued a statement on July 13, saying, “We are absolutely opposed to selling the company to Doublestar, which is unqualified. We strongly ask our creditors to help Kumho Tire remain part of Kumho Asiana Group.” They also said that they can
It has been found that Kumho Asiana Group chairman Park Sam-koo met with Korea Development Bank, Woori Bank, KB Kookmin Bank and KEB Hana Bank between late last month and early this month and proposed to carry out a capital increase of 200 billion won (US$180 million) with investors friendly to hims
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 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 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
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