KDB, Consus Asset to buy Kumho Life Insurance
A report in Korea’s Yonhap News Wednesday, stated that Korea Development Bank (KDB) will take over Kumho Life Insurance Co. in partnership with Korean PE firm – Consus Asset Management Co.
Consus Asset Management signed a to deal to buy a 52% stake in Kumho Life Insurance back in early November, but has been struggling to fund the transaction.
KDB will finalize a deal with Consus Asset Manager by Thursday to buy the life insurer with the two planning to set up a fund worth KRW 330 billion (US$283.6 million).
The decision came after creditor banks agreed with Kumho Asiana to reschedule debts by the group’s two affiliates, Kumho Tire Co. and Kumho Industrial Co., to help the group tide over its cash shortages.
For more information about Kumho Asiana’s restructuring please read the ‘Kumho Asiana forced into workout’ article from the Korea Herald.
(Source: Yonhap News)
No related posts.
