Bourse suspends trading of Kumho Industrial on court-protection rumors

SEOUL, Feb. 8 (Yonhap) -- Stock trading of Kumho Industrial Co., was suspended on
the Seoul bourse on Monday amid market rumors that the financially embattled
company may go under court receivership from current creditor-led debt
rescheduling, the bourse operator said.

The Korea Exchange requested Kumho Industrial respond to the market speculation
by 6:00 p.m. Monday, suspending its share trading before the stock market opened
at 9:00 a.m.
The suspension will be cleared 30 minutes after Kumho Industrial comes up with an
answer, according to the KRX.
The decision came amid media reports that the creditor banks will end their debt
restructuring and put the construction unit of Kumho Asiana Group under
bankruptcy protection after the company's owners missed a Sunday deadline to set
their stock holdings and assets as collateral for fresh loans.
Creditor banks agreed on Dec. 30 to restructure debts of Kumho Asiana after the
industrial conglomerate reeled from a massive cash obligation stemming from the
group's purchase of South Korea's fourth-largest builder Daewoo Engineering &
Construction Co.
pbr@yna.co.kr
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