Creditors of Kumho Tire Co., Inc. (KOSE:A073240) have agreed to postpone the announcement of the preferential bidder for the second-largest tire maker in South Korea until next week, an official said on January 13, 2017. Three Chinese firms joined the bid, which closed on January 12, 2017, to acquire a controlling stake in Kumho. They are Qingdao Doublestar Co.,Ltd (SZSE:000599), Shanghai Aerospace Industry (Group) Co., Ltd. and Jiangsu GPRO Group Co., Ltd. The Korea Development Bank (KDB) and eight other creditors were initially expected to pick the winning bidder on January 13, 2017.

"The selection has been delayed until early next week at the request of Credit Suisse," which is running the auction process, a KDB official said.