Korean companies such as Kumho Tire, STX Offshore & Shipbuilding and GM Korea have wrapped up restructuring to walk the road to recovery. Unlike in the past, when restructuring was mostly about large-scale layoffs, these companies showed that labor and management could work together to create a new framework for corporate restructuring. Here is Lee In-chul, director of the Real Good Economic Institute, to discuss the new restructuring paradigm in the Korean business community. First, Mr. Lee explains how the Kumho Tire acquisition problem was resolved.
Kumho Tire was once South Koreas largest tire maker. But it suffered recurring crises of bankruptcy and court receivership before the final decision was made to sell it to a foreign compan…
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