Kumho Tire Deal | KBS뉴스 | KBS NEWS

Описание: [Anchor Lead]
The labor union of the cash-strapped Kumho Tire has voted for a plan to sell the company to the Chinese tire maker Qingdao Doublestar. The Korea Development Bank will soon sign a deal with Kumho Tire to provide the struggling company with emergency funds.
[Pkg]
Over 60 percent of Kumho Tire's labor union members have voted in favor of selling the company to an overseas tire maker. Kumho Tire will be taken over by the Chinese company Doublestar Group. Kumho Tire's labor and management have agreed that the labor union will accept Doublestar's decision to buy a controlling stake in the company while workers' wages will be frozen until next year and they will have to return part of their bonuses. The Korea Development Bank and Qingdao Doublestar have pledged that Kumho Tire will be able to operate independently and be allowed to keep its labor union. They also promised employment succession and domestic investment. Kumho Tire's labor and management are to sign a deal on Monday. The company's creditors, for their part, will sign an agreement with Kumho Tire on paid-in capital increase, employment protection, and restrictions in the sale of shares. Once Kumho Tire strikes a deal with the creditors for the normalization of its business operations, it will be able to receive emergency funds.
[Soundbite] Baek Hoon-sun(Kumho Tire) : "We haven't been paid for about three months now. We plan to resolve this by receiving help from the Korea Development Bank."
However, uncertainty remains over restructuring or the possibility of a so-called "eat and run" deal. Kumho Tire has finally joined hands with Qingdao Doublestar after many twists and turns, but it has yet to come up with realistic ways to prevent technological leaks and closures of domestic factories.