South Korea to inject 2.4 trillion won into Asiana Airlines after acquisition collapses

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

SEOUL (REUTERS) - South Korea's Kumho Industrial said on Friday that its plan to sell Asiana Airlines, South Korea's No 2 carrier, to Hyundai Development had fallen apart.. Read more at straitstimes.com.

SEOUL - South Korea's Kumho Industrial said on Friday that its plan to sell Asiana Airlines, South Korea's No 2 carrier, to Hyundai Development had fallen apart.

South Korea will inject 2.4 trillion won into Asiana, state-run Korea Development Bank said on Friday. Hyundai Development and brokerage Mirae Asset Daewoo agreed in December to purchase control of Asiana for about 2.5 trillion won. The deal's collapse came after Hyundai Development called for renegotiations, as debt surged at Asiana Airlines which is grappling with the impact of the Covid-19 pandemic hitting travel demand.

"Hyundai Development Co... failed to make a decision until the final deadline," Kumho said in a statement.Asiana, which competes with bigger Korean Air Lines, had a total debt of 12.8 trillion won as of end-June, up more than 33 per cent from a year earlier, according to its regulatory filing.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines