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Kumho family agrees to put up own wealth
February 9, 2010
The cash-strapped Kumho Asiana Group has exited crisis mode, at least for now, as its controlling family members agreed yesterday to put up some of their private wealth, including shares in the conglomerate, as collateral for loans.
The Korea Development Bank - which ranks as the conglomerate's main creditor - said a majority of shareholders and owners of the group gathered yesterday at KDB headquarters in Yeouido, Seoul, for an emergency meeting to discuss the group's restructuring program.
After the meeting, the family and creditors agreed that two of the groups' affiliates, Kumho Industrial and Kumho Tires, will undergo debt workout procedures led by the creditors as planned.
Original Posting At: JoongAngDaily
Additional Posting At: KoreaTimes
The Korea Development Bank - which ranks as the conglomerate's main creditor - said a majority of shareholders and owners of the group gathered yesterday at KDB headquarters in Yeouido, Seoul, for an emergency meeting to discuss the group's restructuring program.
After the meeting, the family and creditors agreed that two of the groups' affiliates, Kumho Industrial and Kumho Tires, will undergo debt workout procedures led by the creditors as planned.
Original Posting At: JoongAngDaily
Additional Posting At: KoreaTimes
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