Using information received from industry sources, the Yonhap News Agency reported today that Kumho Tire’s creditors are expected to select Doublestar Tyre as the preferred bidder for the 42.01 per cent share in the Korean tyre maker. Yonhap wrote that Doublestar “received the highest score in the evaluation of price offer and other terms” in the round of bidding that closed last week. Doublestar is said to have submitted a bid of around Krw 1 trillion (£692.9 million).
According to Yonhap, main creditor the Korea Development Bank plans to inform the other eight creditors about the outcome of the bidder assessment this week. The preferred bid will then be presented to Kumho Asiana chairman Park Sam-koo, who has right of first refusal on the Kumho Tire share.
