S Korea's Kumho Asiana Group likely to face debt roll-over by creditors

18:05, January 04, 2010      

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Creditor banks of Kumho Asiana Group are likely to roll over debts of the group's two units, South Korea's Yonhap News Agency reported Monday.

According to Yonhap, the creditor group, led by Korea Development Bank (KDB), will discuss over the debt repayment schedule of Kumho Asiana's two units, Korea Kumho Petrochemical Co. and Asiana Airlines Inc., on Tuesday.

Korea Kumho Petrochemical's debt stands near 2.19 trillion won (1.9 billion U.S. dollars), while Asiana Airlines holds an estimated 3.76 trillion won (3.26 billion U.S. dollars) in debt, Yonhap said, quoting its source.

On Dec. 30, KDB and Kumho Asiana agreed to put the group's other two units -- Kumho Industrial Co. and Kumho Tire Co. -- under a debt rescheduling program as part of their efforts to pull the group out of cash squeeze.

Source: Xinhua
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