Kumho Asiana Averts Court Receivership

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This Guide is a must-read for any practitioner involved in international insolvency issues. The authors address the history of the UNCITRAL Model Law on Cross-border Insolvency, which the United Nations Commission on International Trade Law adopted in 1997 after five years of meetings and discussion. Thirteen states have now adopted this law, which includes the United States' adoption of chapter 15 as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. For those involved in the evolving new world of chapter 15 law, this publication provides the necessary overview to understanding the law in practice. Softbound, 92 pages. Order your copy from ABI, today!

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Kumho Asiana Averts Court Receivership

Submitted by editor on Mon, 02/08/2010 - 12:43

Kumho Asiana Group barely avoided court receivership, after group Honorary Chairman Park Sam-koo and other founding members agreed to offer their stakes in group units as collateral in return for fresh loans, the Korea Development Bank (KDB), the main creditor of the ill-fated group, said Monday, The Korea Times reported. It added that they also agreed to manage the group's units separately. Under the agreement, Park Chan-koo, former chief of the group's chemical division, will co-run Korea Kumho Petrochemical with his son, while Park Sam-koo will manage Kumho Tire and Kumho Industrial, the bank added. After family members failed to reach an agreement on how to put forward their properties to creditors by the Feb.7 deadline, the state-run KDB and other banks hinted at taking drastic steps, including putting Kumho Industrial under court receivership, to force the founding family to fulfill their promise. They even considered placing Kumho Petrochemical, the group's de facto holding firm, under a debt repayment program in a bid to take away management control from the family. But with Kumho owners pledging to fulfill their promise, KDB and nine other creditors decided Monday to proceed with the initial restructuring scheme of the nation's once-ninth largest conglomerate. Read more.

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Kumho Asiana Averts Court Receivership

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