이 기사는 2021년 06월 09일 07:54 thebell 에 표출된 기사입니다.

Creditors including the state-controlled Korea Development Bank (KDB) have entered into discussions to sell their 23% holdings in Kumho Tire, after more than a decade since the tire maker’s debt restructuring in 2010.

The company’s creditors have agreed to divest part of their stake in the second half of this year, industry sources said. The talks are in early stages with no specific timeline for the sale process yet.

Nine lenders, which include KDB, Woori Bank, Kookmin Bank, the Export-Import Bank of Korea and others, together own 23.11% of Kumho Tire, after the company went through restructuring via a debt-to-equity swap in 2010.

China’s Double Star acquired a majority stake in the then ailing company in 2018. Under the agreement, the lenders are allowed to sell half of their shares after this month and the rest a year later. This was to minimize the impact of their stake sale on the company’s stock price.

“We are in discussions to sell our holdings in Kumho Tire as the company’s shares have trended higher in recent months and its operations have also improved,” said a representative of the creditors.

They are expected to sell half of their holdings in Kumho Tire in the coming months through a block deal with institutional investors. Kumho Petrochemical had been mentioned as a potential buyer, but the petrochemical company is understood not to be interested in acquiring a minority stake in the tire maker.

Some expect Double Star to purchase the creditors’ shares. But others are skeptical about this given the Chinese company’s tight liquidity position. They also point out that Double Star, which already controls the company with a 45% stake, does not have a reason to buy additional shares from the creditors.

The lenders are likely to sound out interest from financial investors such as private equity firms, industry watchers said. Kumho Tire’s stock traded at around 6,600 won ($5.92) per share on Tuesday. The stake is expected to be sold lower than the market price as the sale price is usually discounted in a block trade.

An official at KDB said that nothing has been decided yet. (Reporting by Seul-bong Go)