On April 1, unionized Kumho Tire workers took a vote on the sale of their company to Qingdao Doublestar. 91.8% of the registered union members took part in the voting and 60.6% of the participants voted in favor of the sale.On March 31, in the meantime, Kumho Tire employers and employees signed a sp
The South Korean government has decided to apply ‘Interest Party’s pain-sharing’ rule to insolvent companies that have suffered from corporate restructuring for the past few years such as Sungdong Shipbuilding & Marine Engineering Co., STX Offshore & Shipbuilding Co. and Kumho Tire Co., according to
As Tire Bank officially announced its will to take over Kumho Tire, things have become complicated for the Korea Development Bank (KDB), the main creditor bank considering selling the tire company off to a foreign company or putting the tire company in court receivership."Since the problem of the se
The Korea Development Bank (KDB) will sell its stake in KDB Life Insurance Co. as well as increase capital in 2020 after stabilizing the company. However, it is uncertain that KDB Life Insurance can turn from an ugly duckling into an attractive investment by improving its financial soundness and reo
The chief of Qingdao Doublestar Co. visited South Korea and showed his determination to become a global leading tiremaker through co-prosperity with Kumho Tire.During a press conference at the KDB headquarters in Yeouido, Seoul, on March 22, Doublestar Chairman Chai Yongsen said, “Doublestar wants t
Qingdao Doublestar Chairman Chai Yongsen said at an interview on March 19 that he has heard nothing about matters related to collective agreement and labor union except for employment continuation for three years.Earlier, Kumho Tire Chairman Kim Jong-ho mentioned, while trying to persuade unionized
According to relevant industry and real estate investment baking industry sources on March 14, Kumho Asiana Group signed a memorandum of understanding (MOU) with Deutsche Asset & Wealth Management, a Germany-based global asset management company, to sell its Gwanghwamun office building in 115 Sinmun
Financial Services Commission (FSC) Chairman Choi Jong-ku held a press conference in Seoul on March 14 and said that GM is willing to stay in the South Korean automobile market. According to him, the automaker recently said that it would cooperate actively for due diligence on GM Korea.“GM Korea’s c
With much attention paid to Kumho Tire suffering from a severe liquidity crisis, it seems inevitable in general that the company will be sold off to a foreign company in spite of the opposition of its labor union.With the union actively opposed to selling off Kumho Tire to a foreign company, the gov
With respect to the normalization of Kumho Tire, a conflict between its creditors and labor union is going to extremes. The creditors set the end of March as the deadline for the labor union’s acceptance at the end of this month, but the labor union refused to negotiate and raised voices for a gener
The Kumho Tire creditors including the Korea Development Bank (KDB) announced on March 2 that they would conduct a third-party capital increase of 646.3 billion won (US$581 million), 5,000 won (US$4.5) per share, with Doublestar Tire. If it turns out to be successful, Doublestar Tire becomes the lar
Kumho Tire showed its trial to avoid being putting into court receivership. Its creditors gave in, saying that they will get the labor union's consent again when they sell off the tire company to a foreign company, and the labor union temporarily agreed with the creditors’ and the company’s manageme
A possibility of putting Kumho Tire into court receivership has expanded."We will make other viable measures as a labor-management agreement is unlikely to be made," said the Korea Development Bank (KDB), the main creditor bank of Kumho Tire. The Kumho Tire Labor Union stood up to the KDB, saying “C
The Korea Development Bank (KDB), the main creditor of Kumho Tire, is seeking to attract outside capital but whether the Ministry of Trade, Industry and Energy (MOTIE) and the Defense Acquisition Program Administration (DAPA) allow a foreign company to become the largest shareholder will be a variab
Kumho Tire being restructured under a voluntary agreement system with its creditors was separated from the Kumho Asiana Group.On December 28, Kumho Tire announced that the company became independent from the Kumho Asiana Group pursuant to Article 14-2 of the Monopoly Regulation and Fair Trade Act.Th
Kumho Asiana Group Chairman Park Sam-koo officially declared that he has no intention to reacquire Kumho Tire. He seemed to hold an unscheduled press conference in order to settle a conflict with the Korea Development Bank (KDB) as soon as possible. As Kumho Tire's main creditor KDB has had a confli
According to investment banking industry sources on November 13, about 10 firms at home and abroad, such as local construction firm Hoban Construction and US-based Aecom, submitted their preliminary bids to buy a controlling stake in Daewoo Engineering & Construction from the state-run Korea Develop
Kumho Tire sponsored the 7th Vietnamese Culture Festival for Vietnamese residents in Korea at Sejong University on October 29. The event was participated in by Nguyen Vu Tu, Vietnamese ambassador to Korea, Kumho Tire officials and about 3,000 people including local residents, multicultural families
The Federation of Korean Industries (FKI) of Korea and the Japan Business Federation of Japan will actively cooperate to resolve the problems of Korean youth’s unemployment and Japanese companies’ difficulties in hiring talented workers by holding the “27th Korea-Japan Business Meeting” at the Japan
Kumho Tire announced on October 18 that its Crugen HP71 tire for urban sports utility vehicles (SUVs) launched in March of this year took home a prize in the product design category at the Japan Good Design Awards in Japan.This year, the Good Design Award marks the 61st anniversary as Japan's most p