Kumho gets a break
Kumho Asiana said that 90% of its creditors have agreed to delay exercising put options which fell due on December 15. Eighteen investors holding 39% of Daewoo Engineering & Construction, which is majority owned by Kumho, have put options under which Kumho would buy back the shares at W31,500. The company’s share price closed at W12,550 on December 18. The put options are worth around W4trn (US$3.4bn), but the company currently has a market capitalisation of about US$3bn.
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