“It is not to protect Hanjin Kal’s investment, President Cho Won-tae’s management rights.”

The Korean Development Bank announced that the 800 billion won investment in Hanjin Kal in connection with Korean Air’s acquisition of Asiana Airlines is a dimension to the restructuring of the aviation industry. He repeatedly emphasized that it is not a support for the protection of the management rights of the chairman of the Hanjin Group, Cho Won-tae, before the questioning of the court’s request for a temporary injunction against the broadcast of Hanjin Kal on the 25th. .

On the 23rd, KDB issued a press release and responded to the suspicion of the so-called ‘secret room battle’ of the so-called Saneun and President Cho raised by the ‘three-party coalition’ such as Cho Hyun-ah, KCGI and the Peninsula Group. We emphasize the need to invest in common shares in Hanjin Kal in order to achieve a successful implementation, “he said.” We clarify that this is not for the protection of the management rights of the current subsidiaries “.

Under the aviation industry reform plan, the Bank will invest 800 billion won to promote the acquisition of Asiana Airlines by Korean Air. It is a structure to invest 500 billion won in a paid capital increase assigned to Hanjin Kal and acquire more than 300 billion won in redeemable bonds (EB). Korean Air will issue a paid capital increase of 2.5 trillion won, of which 1.8 trillion won will be used as the acquisition fund for Asiana. Participate in Asiana’s third-party capital increase to acquire new shares worth 1.5 trillion won and permanent bonds worth 300 billion won. In this regard, the trilateral alliance insisted that in the process of acquiring Asiana Airlines by Korean Air, KDB will secure a 10.7% stake in Hanjin Kal to serve as a friend of President Cho.

In response, the KDB explained that the restructuring work includes the consolidation of the two main domestic airlines, as well as the reorganization of related subsidiaries, such as its affiliated low-cost airline (LCC) and the ground handling company, so that the holding company, Hanjin Kal, must assume the role of control tower.

“Considering the importance of the aviation industry restructuring and the plan to improve competitiveness in terms of national economy, national benefit and security, KDB directly participated in Hanjin Kal as a shareholder to support the successful implementation of the work of restructuring and sound and ethical management. It is necessary to faithfully play the role of guardian of the company. ”

“In the planning stage of the future PMI (M&A Integration Process), detailed integration and reorganization plans and operating systems are determined, so no matter what type of integration and reorganization plan structure is designed, the KDB invests in Hanjin Kal, the control tower. Regardless of what they want, they can play the role they want, ”he said.

Currently, KDB owns approximately 180 billion won and 570 billion won of permanent convertible bonds for Korean Air and Asiana, respectively. In this transaction, the exchange target for the exchangeable bonds to be assumed by KDB is the Korean Air shares of Hanjin Kal of 300 billion won. In this regard, Saneun said, “In this regard, the two airlines are participating in equity with more than 500 billion won, which is the acquisition of Hanjin Kal ordinary shares.”

The KDB emphasized that the benefit of direct participation in the additional capital expansion of Korean Air, not Hanjin Kal, would be significant. We believe that the new investment in Hanjin Kal, which will serve as a control tower for detailed integration and functional reorganization, is of great importance and utility in the overall support and supervision of the restructuring work.

Two state-owned banks, including the Korea Development Bank and the Export-Import Bank, have invested 2.9 trillion won in new funding for Korean Air and Asiana this year alone. “As the main creditor banks and the largest creditors of the two airlines, the largest shareholder,” KDB said. “We intend to help improve and protect the value of shareholders, workers, creditors and consumers of related companies overcoming the Corona 19 crisis in the national aviation industry.” Said.

Sangeun said: “We will faithfully act as a sound and ethical management monitor for the successful implementation of the restructuring of the aviation industry responding to any unfounded suspicions and criticisms.”

On the other hand, the interrogation of the ‘temporary protection against the issuance of new shares by Hanjin Kal’s resolution of increased paid capital assigned to a third party’ applied by the trilateral association will take place in the Seoul Central District Court in the afternoon of the 25th of this month. Since the 2nd of next month is the date of the payment of Hanjin Kal’s capital increase by the Korean Development Bank, the court ruling is expected to come out this week and no later than the 1st. next month.

[사진 = 아주경제DB]