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【Youth Daily】 Korean Air’s takeover of Asiana Airlines, which failed to take over HDC Hyundai Development Company (HDC Prefecture), is emerging.
Consequently, it is worth noting whether the reorganization of the aviation industry, which is suffering from a new coronavirus infection (Corona 19), will take place.
According to the airline industry on the 13th, it is known that Hanjin Group, owner of Korean Air, is in negotiations with the Korea Development Bank, a creditor of Asiana Airlines, to acquire Asiana Airlines.
The way Hanjin Group acquires Asiana Airlines through financing from KDB is discussed. Hanjin Kal, at the top of the Hanjin Group governance structure, invests funds through a paid-in capital increase method assigned to a third party, and Hanjin Kal buys the shares of Kumho Industries from Asiana Airlines (30.77% ).
In this regard, the Bank of Korea said that “among several options, it is under review but has not been confirmed.”
A Korean Air official said: “There is no confirmation” regarding the Asiana Airlines acquisition.
Asiana Airlines is under the creditor management system following the loss of the acquisition by the prefecture of HDC. Asiana Airlines has already exhausted the 3.30 trillion won of state bank support and recently received an additional 240 billion won support from the Basic Industry Stability Fund.
Given this situation, it seems that Asiana Airlines has emerged as an alternative to merge with Korean Air, the number one airline, while contemplating plans to normalize management.
There are also reactions, both within and outside the industry, that this is not entirely possible. This is because there is not much progress in resolving the current liquidity crisis and management difficulties in a situation where the aviation industry is pushed over the edge of a cliff due to the prolonged corona19.
However, there is also a prediction that the anti-business sentiment caused by the market monopoly could be a problem if the “big business” of the two major airlines becomes a reality.
This is because the combined share of domestic operators exceeds half when subsidiaries are combined.
On the other hand, Asiana Airlines entered a creditor management system led by the Bank of Korea after the collapse of the merger and acquisition with HDC prefecture in September.
There are also observations that creditors could present a restructuring plan for Asiana Airlines starting next month. Asiana Airlines is expected to downsize by reducing nonprofit long-haul routes, selling subsidiaries like Air Busan, and cutting staff.
【Youth Diary = Reporter Lee Seung-gu】
