April 11, 2019 / 5:30 AM / 8 days ago

Kumho Asiana Group revamp plan falls short of restoring trust - creditors

SEOUL, April 11 (Reuters) - Kumho Asiana Group’s proposed restructuring plan is not sufficient to restore market trust, the group’s main creditor, Korea Development Bank (KDB), said in a statement on Thursday.

Kumho Asiana Group submitted a plan on Tuesday including possible asset sales in return for financial support of 500 billion won ($439.1 million) from creditors.

KDB said the proposal lacked practical measures such as a new share issue and the donation of personal assets owned by the group’s family members.

$1 = 1,138.6000 won Reporting by Heekyong Yang; Editing by Stephen Coates

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