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KCGI counterattack, union rebellion, funding, etc.
The decision to dismiss the court passed the crisis of failure … The acquisition proceeds as planned
(Seoul = Yonhap News) Reporter Choi Pyeong-cheon = Korean Air[003490]Lee Asiana Airlines[020560] I crossed a mountain to acquire it.
On the 1st, the 50th Civil Settlement Division of the Seoul Central District Court (Judge Lee Seung-ryun)[180640]The request for provisional precautionary measure against the issuance of new shares was rejected.
As you have overcome the biggest hurdle to request a temporary injunction to prohibit the issuance of new shares, it is anticipated that you will not face a crisis that will destroy the acquisition in the future.
However, until the integration of Korean Air and Asiana Airlines, there are still mountains to overcome, such as the union conflict and the raising of funds.
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◇ Although I took a breather, many tasks such as union conflict and fund raising
Korean Air sighed, but there is still no peace of mind until the acquisition is completed.
Some observers note that KCGI may sue for the nullification of the board resolution that approved a third-party capital increase.
KCGI has already requested Hanjin Kal to convene an extraordinary general meeting of shareholders and is preparing to strike back.
KCGI requested Hanjin Cal to convene an extraordinary shareholders meeting on the 20th, but it has not been decided whether to convene an extraordinary shareholders meeting at this time. Hanjin Kal said that he is considering whether to convene the shareholders’ meeting according to procedure.
KCGI said “Hanjin Group’s commitment to the professional management system and independent board of directors remains unchanged,” and said it would not withdraw from the dispute over management rights.
Resolving the conflict with the union is also a task that Korean Air must resolve before taking over Asiana Airlines.
Immediately after the announcement of the acquisition, the joint countermeasures committee comprised of four unions from the two companies, including the Korean Air Pilots Union, the Korean Air Employees Alliance, the Asiana Airlines Pilots Union and the Asiana Airlines, opposes the acquisition as “a merger without workers.”
A union leader said on the Yonhap News call: “I was hoping the court would make a reasonable decision, but it is regrettable that it made a political decision,” and said: “We will discuss future countermeasures.”
On the other hand, Korean Air Union, which has around 12,000 employees excluding Korean Air pilots, and Asiana Airlines Open Pilots Union have announced their intention to take over, and disputes have even arisen.
In preparation for the liquidity crisis caused by the aftermath of the new coronavirus infection (Corona 19), and securing funds to minimize shock waves after the Asiana Airlines acquisition is also a fire.
Even if the acquisition of Asiana Airlines is guaranteed by a capital increase and an investment from the Korean Development Bank, it is a burden that debt to be paid in one year, such as short-term loans, reaches 5.2 trillion KRW. Securing additional funds is essential to sustain growth after the acquisition.
Korean Air is accelerating the expansion of funds through the sale of assets. The day before, Kansus and Mirae Asset Daewoo were selected as the preferred negotiators for the Wangsan Leisure Development sale. Wangsan Leisure Development, which operates Wangsan Marina, a leisure facility on Yeongjong Island, Incheon, is 100% owned by Korean Air.
The airport’s bus business, which is operated by its comprehensive aviation service subsidiary, will also be sold to Keithon Partners, a private equity fund manager (PEF).
However, the fact that the sale of the site in Songhyeon-dong, the core of Korean Air’s self-help plan, is being delayed due to the conflict with the city of Seoul, increases anxiety.
Korean Air plans to complete the sale in June to secure a fund of 450 to 550 billion won, but the city of Seoul has not decided when to complete the contract.
The integration of the two airlines requires approval not only from the Korean government but also from foreign governments.
If Korean Air reports a business combination to the Fair Trade Commission in June next year, the Fair Trade Commission is expected to review the monopoly possibility and the impossibility of rehabilitation of Asiana Airlines and conclude in July.
Foreign countries such as the United States, the European Union (EU), China, and Japan must also undergo a business combination test. Due to the nature of the aviation industry, if the approval of a foreign business combination is not allowed, the consolidation itself may be destroyed.
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◇ Korean Air paid a 300 billion won advance for the Asiana acquisition this month.
Korean Air, which has eased the legal burden, plans to proceed with the Asiana Airlines acquisition as planned.
Since the initial payment date and the paid-in capital increase payment date have already been set, the acquisition schedule will not be sped up, but the possibility of schedule delay has decreased.
On the day, the bank said: “We have received a great boost in promoting the restructuring plan of the aviation industry” and expressed its willingness to accelerate the acquisition process.
On the 2nd, the Bank of Korea pays Hanjin Kal 500 billion won for the third-party capital increase, and on the 3rd, Hanjin Kal issues an exchange bond worth 300 billion won. Hanjin Kal immediately lends 800 billion won, which was invested by KDB, to Korean Air.
On the 4th of this month, Korean Air plans to deposit 300 billion won into an acquisition contract with Asiana Airlines and acquire an Asiana Airlines convertible bond worth 300 billion won by the end of this month.
Korean Air will implement a paid capital increase of 2.5 trillion won early next year and will pay 400 billion won in interim payment to Asiana Airlines. The KRW 800 billion acquired by Hanjin Kal will be redeemed as new shares through the capital increase.
On June 30 next year, Asiana Airlines will pay the balance of 1.5 trillion won in a paid-in capital increase to complete the acquisition process.
As the acquisition process began in earnest, based on consultation with Sangeun, Cho Hyun-min and Han Jin-kal, CEO Lee Myung-hee at the Korea airport.[005430] Advisors are excluded from the management of the affiliated airlines.
Starting this year, Executive Vice President Cho will resign from Hanjin Kal, Executive Vice President, and Topas Travel Information, a subsidiary of Hanjin Kal, an airline and provider of travel information. Hanjin[002320]He is expected to retain the positions of managing director of marketing for the company and vice president of real estate management company Jeong Seok Enterprise.
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2020/12/01 18:09 Sent
