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Kumho to under go restructure

Korean tyre maker, Kumho is set to under go a reconstruction, merger and acquisition, after its main creditor, the Korea Development Bank (KDB) confirmed on Wednesday, January 3, that it has set up three task forces to handle the restructure.

The state-run bank and several other creditors had planned to come up with measures to restructure Kumho Tire by the end of last year, but extended the deadline to the end of January.

It is understood the SK Group has expressed interest in the purchase of the tyre maker.

“We’ve launched the task forces as a fresh way of resolving the issue,” a KDB official said.

Nine creditors led by the KDB had been discussing the debt restructuring process while extending debt worth US$1.1 billion to the end of January.