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Asiana Airlines creditors are considering selling Asiana to Korean Air (Hanjin Group).
It is an analysis that the experience of inviting the collapse of the shipping industry due to a merger with Hyundai Merchant Marine when the former Hanjin Shipping was brought into the bankruptcy crisis became a contradictory teacher.
In particular, it appears that the government is considering a reorganization of the aviation industry, as it may be in danger of not being able to recover infrastructure in the event of the collapse of 1st and 2nd nationality airlines.
Hanjin Group is known to be struggling internally because there is a possibility of favorable terms and conditions emerging, although it appears that Hanjin Group is spared the review of big business focused on creditors.
According to the industry and News 1 of the 14th, Korean Air and Asiana operate 173 and 86 fleets, respectively. If the two companies join together, they will grow to become the top 10 global airlines operating arithmetically with 260 air units.
Given the economies of scale, the scenario in which Korean Air and Asiana come together is not bad. In fact, in the United States, several airlines formed a competitive landscape until the 1990s, but it was classified in the Big Three system (United, American Airlines, Delta Airlines) to some extent through consolidation.
Europe also increased economies of scale when the airlines merged around 2010. British Airways and Iberia Airlines (2010) formed an IAG holding company through a merger and became a subsidiary of the company. Air France also merged with KLM of the Netherlands in 2004.
While there are differences in financial position and management system, it can be expected to improve competitiveness through realizing economies of scale, such as route rationalization, reduction of branch operating costs, and maintenance and maintenance. efficient management. Creditors appear to be considering the acquisition of Asiana by Hanjin Group under a single roof or a portfolio company system.
Within Korean Air, there are voices that it is difficult to take over Asiana given the business situation, such as the decline in international passengers, but there is no reason to refuse if financing from creditors is presupposed.
The scenario discussed in the market is to use 800 billion won in permanent Asiana bonds held by the Korean Development Bank.
Currently, the Korea Development Bank does not have a stake in Asiana, but if the total amount of 800 billion won in permanent bonds is converted into shares, a stake of about 37% will be secured.
In this big business, the Korean Development Bank is considering investing these shares in kind for Hanjin Kal, etc. and receive shares like Hanjin Kal in exchange for becoming a majority shareholder.
In the case of Kumho Industrial’s holdings in Asiana (30.77%), if KDB invests funds in Hanjin Kal and others through a paid capital increase allocated to a third party, Hanjin Kal and others are expected to take over. of the participation of Asiana Airlines.
In this case, Hanjin Group can put Asiana under its subsidiary without heavy financial burden.
Above all, the market pays attention to the fact that if the acquisition of Asiana is carried out through the support of creditors, the tripartite alliance of former KCGI vice presidents Bando and Hyeon-ah Cho may escape the threat of rights of management.
When Asiana’s creditors participate in Hanjin Kal’s capital increase and support funds, they will inevitably have voting rights for the holding company. For Asiana’s creditors who have participated in the reorganization of the first and second largest airline, it is important to stabilize the management system.
If Asiana’s creditors, who own a stake in the holding company, begin to defend themselves against the threat of management rights, the tripartite alliance will inevitably reduce the scope of its operations. This is why KCGI immediately rebutted Asiana’s creditors’ review of the Korean Air and Asiana agreements.
However, it is a matter of concern that realizing economies of scale through such an approach may have the side effect of a route monopoly. It cannot be ruled out that the Fair Trade Commission, which examines business combinations, could block this.
An industry insider said: “There are many tasks to be solved, but it seems that Korean Air’s acquisition of Asiana as a master in the old Hanjin Shipping situation is the best way to save the number one and number two airlines from the country”.
Reporter Kim Hyun-joo [email protected]
Photo = News 1
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