SEOUL -- Chinese tire maker Qingdao Doublestar is struggling to complete its ambitious 955 billion won ($845.1 million) deal to buy a 42% controlling stake in ailing South Korean peer Kumho Tire, as both sides play a tug of war over the price of the Kumho brand after the acquisition.
Creditors of Kumho Tire said Monday that Doublestar disagreed with parent company Kumho Asiana Group's suggestion that the Chinese company should pay 0.5% of sales to use the brand for 20 years, sticking to its initial proposal of paying 0.2% of sales.
