Kumho creditors to meet as union rejects recovery planCreditors 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.