A consortium of creditors led by state-owned Korea Development Bank agreed on Friday to keep debt-laden Kumho Tire afloat after a Won955bn ($835m) sale to China’s Doublestar fell through this month.
The deal shows the extent to which the government will bow to political pressure to keep insolvent groups running, and South Korean resistance to the sale of domestic groups to the Chinese.
This is the first case of major corporate restructuring under South Korea’s new president Moon Jae-in, who has made reinvigorating the slow economy his top priority.
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