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Government and industry “block adverse economic effects”
Laying a key industry stabilization fund
The main shareholder potato, etc., will be reviewed in the future
When the conditions are met, the sale is promoted again
Graphics_Go Yoongyeol
The acquisition of Asiana Airlines by HDC and Hyundai Industrial Development (currently produced) has finally collapsed. Consequently, Asiana Airlines is beginning to normalize its business through the creditor management system. The government has decided to support Asiana Airlines with 2.4 trillion won in the key industry stabilization fund. Kumho Industrial announced on the 11th that the M&A contract was finally broken because HDC Hyundai Development, which was selected as the preferred negotiator for Asiana Airlines’ mergers and acquisitions last November, did not make a decision until the final deadline. Creditors such as the Korea Development Bank and the Export-Import Bank also announced that “the government plans to implement standardization measures at the government level to minimize negative impacts on the national economy, such as the commercial crisis of Asiana Airlines due to the loss of acquisition and resulting disruption in aircraft operations. ” The government held a ‘Meeting of Ministers of Strengthening Industry Competitiveness’ to discuss ways to promote Asiana Airlines’ business standardization, and the Key Industry Stability Fund held a meeting this afternoon to decide on support for Asiana Airlines. Creditors plan to take steps to maintain stable operations by providing a 2.4 trillion won infrastructure stabilization fund to Asiana Airlines in a situation where the airline industry is stagnant due to Corona 19. Support details are 2.1 billion won of won in payment of financial debts and 300 billion won in liquidity shortage for the payment of financial liabilities resulting in a payment obligation if the credit rating decreases due to the breach of the acquisition contract. The support method is KRW 1.92 trillion (80%) for working capital loans and KRW 480 billion (20%) for the acquisition of permanent convertible bonds (CB). The fund predicted that if Asiana Airlines’ credit rating was maintained, the loan amount would decrease significantly. In addition, the creditors plan to carry out consultancies to renew the management of Asiana Airlines. The issue of converting permanent creditor bonds into shares is expected to be reviewed in the future. “The additional self-rescue plan is likely to be divided into three according to the results of the external consultancy,” Choi, vice president of the Industrial Bank of Korea, said during an online briefing. “As long as the fund is supported, Looking at the status of the operation or the return of wages, it seems that the part of the workforce (restructuring) is not urgent.” He also said: “It is a matter of comprehensive judgment based on the The company’s year-end financial statement or whether the merger and acquisition is re-implemented in the future, “he said.” At this stage, the comment is inappropriate. “He said he would consider selling subsidiaries such as Air Seoul and Air Busan, fields from golf courses and resorts to consulting. Creditors plan to resell Asiana Airlines as soon as conditions are established, while implementing various measures to normalize Asiana Airlines and stabilize its management. Korea Development Bank President Lee Dong-geol, visited Asiana Airlines headquarters this afternoon and called for efforts to normalize company employees, such as pain sharing and business renewal. Asiana Airlines signed a voluntary agreement with creditors led by the KDB in 2010 and then graduated from the 2014 voluntary agreement in an effort to normalize management. Meanwhile, creditors expressed strong regret for current production due to the breaking of the Asiana Airlines acquisition contract. Vice President Choi Choi said, “I respect Hyunsan’s decision that this transaction could not be completed due to the uncertainty caused by Corona 19. Although the creditors presented a plan to share the losses due to Corona 19, it is regrettable that they adhered to the request for a new long-term duration. There is, ”he said. Hyunsan was selected as Asiana Airlines’ negotiator of choice in November of last year, and then signed a 2.5 trillion won acquisition agreement with Kumho Industrial in December of that year. Vice President Choi said, “Kumho and Hyunsan will argue for the loss of the contract attributable to the other party through the lawsuit, but we will argue in court through the lawsuit, but we will analyze the various developments and deal with it.” . By Lee Wan and Park Soo-ji, Staff Reporter [email protected]
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