[Courtesy of Kumho Tire]
The chairman of Kumho Asiana Group, which owns South Korea's second-largest airline, promised to take his hands completely off Kumho Tire, which has been put under a debt restructuring program by creditors following their failed attempt to sell a controlling stake to a Chinese company.
"I have no intention of acquiring Kumho Tire never again," Kumho group chairman Park Sam-koo told reporters, adding the group would focus on transportation, construction and aviation.
Kumho Tire was put under a debt restructuring program after creditors rejected a self-rescue package presented by Park in September. China's Doublestar agreed in March to secure a 42.01 percent stake in Kumho Tire, but negotiations broke down because of disputes over job security, a price cut and other thorny issues.
Creditors have expressed doubts about the group's financial ability to bail out the debt-stricken tire unit. Park has been accused of causing Kumo Tire's liquidity crisis with mismanagement.
reporter
Lim Chang-won
cwlim34@ajunews.com
