Kumho Tire delays bonus payments amid liquidity shortage
KMHTY | Quote | Chart | News | PowerRating -- Kumho Tire Co., South Korea's second-largest tiremaker, said Friday it hasn't been able to pay bonuses last year to its approximate 3,000 factory workers amid a liquidity shortage.
"The bonus payment was delayed because of the company's liquidity problem," an official at Kumho Tire said.
The Kumho Tire official said the annual bonus payment was postponed indefinitely, saying the company "will make its utmost efforts" to pay the bonus of 2.5 million won (US$1,883) per worker.
South Korean tiremakers have been reeling as automakers such as Hyundai Motor Co. and Kia Motors Corp., their major clients, are suffering from a sharp slump in vehicle sales.
For full details on (KMHTY) KMHTY. (KMHTY) has Short Term PowerRatings at TradingMarkets. Details on (KMHTY) Short Term PowerRatings is available at This Link.
- Kumho Tire to supply truck tires to Daimler AG - 11/26/09
- S. KOREA'S KUMHO TIRE TO SUPPLY TRUCK TIRES TO DAIMLER AG - 11/23/09
- GE Capital Co-Leads Asset-based Credit Facility for Kumho Tire U.S.A. - 09/10/09
- GE Capital, Corporate Finance co-leads USD151m loan to Kumho Tire USA - 09/09/09
- GE Capital Co-Leads $151 Million Asset-based Credit Facility for Kumho Tire U.S.A. - 09/08/09
- More News >>


