Kia gets ultimatum

Tue, 30 Sep 1997 | Source: AFP

Kia gets ultimatum

SEOUL (AFP): Creditors of South Korea's ailing Kia Group yesterday declared their two-month loan grace period over, and gave the group's two automakers, Kia Motors Corp and Asia Motors, "final notice" to file for court receivership, Yonhap News Agency said.

Yonhap said the notice to the two companies to file for receivership by October 6 was handed to seven Kia representatives including Kia Motors President Park Chae-Hyok.

The creditors, headed by Korea First Bank, rejected Kia's application for court mediation for 11 of its subsidiaries, saying that such measures would not help Kia return to normal.

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