Asiana Airlines creditors to come up with financial support plan by April 25: KDB

Written by on April 16, 2019

FILE PHOTO: An Asiana Airlines Boeing 747-400 taxis at San Francisco International Airport
FILE PHOTO: An Asiana Airlines Boeing 747-400 taxis at San Francisco International Airport, San Francisco, California, Feb. 7, 2015. REUTERS/Louis Nastro

April 16, 2019

SEOUL (Reuters) – Creditors of Asiana Airlines aim to come up with a financial support plan for the debt-laden South Korean carrier by April 25 to help relieve its liquidity problems, the chairman of its main creditor, Korea Development Bank, said on Tuesday.

KDB Chairman Lee Dong-gull also told a briefing the creditors plan to sign a preliminary deal on the support measures in late April or early May.

Kumho Industrial, the top shareholder of Asiana, said on Monday that it plans to sell its entire 33.5 percent stake, worth 500 billion won ($440.08 million) at the closing price, as the cash-strapped airline seeks creditor support.

Lee said it is “desirable” that Asiana should also sell its units, which include two budget carriers, Air Busan and Air Seoul.

(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman)

Source: OANN

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