South Korea's logistics giant Kumho Asiana Group said Tuesday it will take legal action against creditors of Kumho Tire Co. for denying its right to buy back the former affiliate.

"Kumho Asiana Group has consistently asked the creditors to allow it to form a consortium when exercising its priority buy-back option. However, Korea Development Bank continues to say it will not allow such a move without even discussing the issue at a shareholders' meeting," the group said in a released statement. It pointed out that the creditor is required to present the issue before shareholders so it can be discussed.

The group, it said, "plans to take legal measures accordingly."

Kumho Tire, the country's No. 2 tiremaker, was placed under a creditor-led workout program in 2009 after its parent company was hit by a liquidity problem, following its takeover of Daewoo Engineering and Construction Co.

At that time, Park Sam-koo, chairman of Kumho Asiana, was given a priority option to buy back the country's tiremaker should the creditors of Kumho Tire decide to sell the company.

Park had recently set up a special purpose company to buy back Kumho Tire.

However, the creditors of Kumho Tire signed a deal early this week to sell their combined 42.1-percent stake in the tiremaker to Chinese tiremaker Qingdao Doublestar Co. for 955 billion won ($831 million).

Group officials later said their legal measures will likely include a court injunction against the proposed sale of Kumho Tire to a consortium led by the Chinese firm.

They also raised questions about the main creditor bank's apparent decision to not allow Park and his special purpose company to form a consortium to take over the tire company, while moving to sell the tire maker to the six-firm consortium led by Qingdao Doublestar.

Also, "We do not understand why the KDB has not even once officially notified us that it will not allow us to form a consortium while it continues to relay such a message only through media," the released statement said. (Yonhap)