Kumho creditors to meet as union rejects recovery plan

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Kumho creditors to meet as union rejects recovery plan

Creditors of Kumho Tire will hold a meeting this week to discuss the fate of the troubled tiremaker as its management and labor union failed to agree on a turnaround plan, the Korea Development Bank said Tuesday.

The state-run creditor bank said it will hold the meeting today.

To help revive Kumho Tire, creditors have agreed to extend 1.3 trillion won ($1.21 billion) worth of debt. In return, they asked Kumho Tire’s management and labor union to accept concessions and agree on a plan to save the company by Monday.

Creditors extended the Monday deadline by one day, but Kumho Tire has not submitted a letter of agreement on the self-help plan.

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