KDB will resume discussions with Doublestar on Kumho

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KDB will resume discussions with Doublestar on Kumho

Korea Development Bank, the main creditor of Kumho Tire, said Wednesday that it will restart the discussion with China’s Doublestar to sell the local tire manufacturer after Kumho Asiana Chairman Park Sam-koo gave up his rights to buy back Kumho Tire. The discussion is expected to resume Monday.

Doublestar, the top bidder for Kumho, already signed a stock purchase agreement with KDB and hopes to seal the deal within three months. Still, Kumho Asiana Group could ban the use of its brand name Kumho after it is sold to Doublestar.

By Park Eun-jee

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