Qingdao Doublestar Co.,Ltd (SZSE:000599) is planning to acquire the loss making Kumho Tire Co., Inc. (KOSE:A073240), thereby raising the possibility of the company being placed under court receivership. Kumho Tire's creditors are planning to sell the loss-making tiremaker to Doublestar, which has proposed investment plans in the company for what it calls a "win-win" synergy between the two tiremakers. Creditors asked Kumho Tire and its union to reach an agreement on the M&A plan by the end of March.

The Korea Development Bank (KDB), the main creditor, warned no agreement will result in the company being placed under court protection.