According to reports, on April 1, Kumho Tire Union agreed to sell the company to Chinese company Qingdao Double Star.　
　　Kumho Tire Union planned to sign an agreement on the normalization of operations and labor negotiations on April 2, and formally agreed to the company’s overseas sales and self-help programs. 
　　On March 2, Kumho Tire creditor group stated that they planed to accept the third-party capital increase of Qingdao Double Star’s 646.3 billion won (approximately 3.8 billion yuan) at a price of 5,000 won per share. After the completion of the capital increase, Qingdao  Double Star will become the largest shareholder of Kumho Tire, which holds 45% of the shares, while the shares of the creditor group will drop to 23.1% from 42%. 　　As the investment condition, Qingdao Double Star shall not sell the equity obtained within 3 years and ensure the stable employment of Kumho Tire workers; the creditor group shall not sell the equity within 5 years. Qingdao Double Star will also maintain its position as the largest shareholder within 5 years or before the creditor group sell their shares.