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The main stabilization fund in the industry (Initiative Fund) will invest 2.4 trillion won in Asiana Airlines, which is under the management of creditors due to the loss of the sale.
According to the Korea Development Bank, on the 11th, the preliminary fund management council held a meeting that day and decided on a plan to support Asiana Airlines.
The aid amount is KRW 2.4 trillion, including KRW 2.1 trillion for market stabilization and KRW 300 billion for insufficient liquidity. The support method is KRW 1.920 trillion (80%) for operating fund loans and KRW 480 billion (20%) for the acquisition of permanent convertible bonds (CB).
The draft fund is expected to significantly reduce the size of the loan if Asiana Airlines’ credit rating is maintained with this financing.
In addition, Asiana Airlines plans to implement the support requirements stipulated in the Korea Development Bank Law, such as maintaining employment, making efforts to improve management, banning profit dividends, and prohibiting salary increases for high-paid employees. .
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The fund’s board of directors has held several meetings since early July to discuss in-depth discussions on the progress of mergers and acquisitions with HDC Hyundai Industrial Development, as well as the need to support the core industry stabilization funds.
A project fund official said: “If Asiana Airlines mergers and acquisitions collapse due to the prolonged Corona 19, huge losses are expected, such as large-scale unemployment and a significant decline in the competitiveness of the domestic aviation industry. “. It’s done, “he explained.
