Kumho units sink on stock market
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Kumho units sink on stock marketKumho units sink on stock marketKumho Asiana Group’s subsidiaries nose-dived #xon Seoul stockPVC coversmarkets during the last trading day of 2009 as their parent company faces one of the biggest financial crises in its history.The group plans to turn some of its subsidiaries over to what is expected to be painful corporate restructuring by creditor banks, sparking concerns among investors about what will happen to the shares of those units down the road.Kumho Industrial shares slipped by the daily limit of 15 percent yesterday to close at 8,330 won ($7.15), declining for three straight days. Kumho Electric lost 0.54 percent to close at 55,000 won, while Kumho Merchant Bank tumbled by 3.85 percent to reach 1,125 won.Korea Kumho Petrochemical, one of the group’s major pillars, shed 6.12 percent to close at 20,700 won. Kumho Tire also bled by the daily limit of 15 percent to close at 3,605 won, while Asiana Airlines, the group’s flagship unit, lost 6.9 percent to close at 3,645 won.Kumho group has long been suffering from escalating financial woes stemming from itsPVC coversacquisition of Daewoo Engineering & Construction in 2006.To achieve the highly leveraged controlling share purchase in Daewoo,Carbon fiber hood, Kumho invited several local banks, private equity funds and other financial firms to take part in the deal as financial backers.The company and its creditor banks agreed yesterday to put Kumho Industrial and Kumho Tire up for a corporate restructuring program led by the creditor banks.“The share prices have certainly fallen a lot, but there are even more uncertainties to come,” said Sohn Myung-woo, an analyst at Woori Investment & Securities. “Once the companies enter the restructuring program, some of them may experience changes in the number of their shares, and that #xgenerally does notPVC coversbode well for shareholders.”相关的主题文章：
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