As a summary to previous posts (see here), is the following information taken from Korea’s Financial Services Commission’s ‘Impact of Kumho Asiana Group’s Restructuring and Future Actions‘ press release.
In the press release is this diagram of Kumho’s structure -
Click to enlarge
Along with a summary of the measures agreed and settled between the Kumho Asiana Group and its creditors.
- Kumho Industrial and Kumho Tires will be placed under creditor-led joint management based on the Corporate Restructuring Promotion Act
- Kumho Petrochemical and Asiana Airlines will make rigorous self-rescue efforts to normalize their business
- As much as 50% plus one share of Daewoo Engineering and Construction will be sold to KDB-led private equity fund
- Kumho Life Insurance will be sold to a private equity fund which will be jointly established by KDB and Consus Asset Management
(Source: Korea’s Financial Services Commission)
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