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ITSTours
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Re: Asiana Airlines in huge financial trouble

Tue Sep 03, 2019 7:23 am

Mirae Asset Daewoo, the largest investment banker in Korea, as well.

South Korean law maintains the separation of banking and commerce, so they need to form a consortium.
They did not reveal the strategic investors but the rumor tells it is HDC Hyundai Development Company.
 
juliuswong
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Re: Asiana Airlines in huge financial trouble

Tue Sep 03, 2019 8:46 am

Not sure if the merger of OZ and KE is the best idea, resulting in creating monopolistic environment. Korean being ethnocentric would prefer their own airlines as opposed to foreign airlines.
- Life is a journey, travel it well -
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Wed Sep 04, 2019 4:24 am

juliuswong wrote:
Not sure if the merger of OZ and KE is the best idea, resulting in creating monopolistic environment. Korean being ethnocentric would prefer their own airlines as opposed to foreign airlines.


Basically creating the Cathay Pacific of South Korea. It will make a very strong international carrier especially for transpacific routes based on monopoly.

But as a customer, I do not want it.
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Wed Sep 04, 2019 4:15 pm

Two more PEs have bidded. One of them is Stonebridge Capital. There is a rumor that Stonebridge is going to form a consortium with SK.

KB Financial Group, one of the largest banks in Korea, is rumoured to partner with AK Group (majority owner of Jeju Air).

Park Hyeon Joo, the founder of Mirae Asset Daewoo, has wondered why there are legacy airlines that still have great profits while competing with LCCs. He seems to think he can turn Asiana into something like US or European FSCs. (It is true that US3 or EU3--IAG, AF/KLM, Lufthansa--are profitable, but Asiana certainly does not have the economy of scale comparable to them.)

Overall, the bidders seem to be:

1. Mirae Asset Daewoo + HDC Hyundai Development Company (Likely the winner?)
2. AK + KB Financial (?)
3. KCGI + ???
4. Stonebridge + ??? (Is it really SK?)
5. ???
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Wed Sep 11, 2019 4:48 am

The shortlist was announced.

1. HDC Hyundai Development Company (SI) + Mirae Asset Daewoo (FI)
2. AK (SI) + ??
3. KCGI (FI) + BankerStreet (FI) consortium
4. Stonebridge (FI) + ??

FIs (financial investors) need to form a consortium with SIs (strategic investors).
AK is looking for FIs as they don't have enough money.

Binding bids is expected to be accepted at the end of October.
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Thu Oct 03, 2019 6:01 am

Samsung Securities partners with AK, and KB Securities joins KCGI in acquisition financing.
http://www.enewstoday.co.kr/news/articl ... no=1339509 (Article in Korean)

More players are showing up.
 
Waterbomber2
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Re: Asiana Airlines in huge financial trouble

Thu Oct 03, 2019 6:27 am

Having visited Seoul last week and having seen the environment they operate in, I think that KE and Asiana should merge to form one strong carrier.

Sure, Seoul is a mega city, a beautiful city.
But you just don't have the mass, the capital means, the tourism, the domestic extension that you have in Japan or China to justify multiple mega carriers.

Also, I noticed that while Koreans do not mind foreign presence, most of them don't even try to speak English and do not seem susceptible to travel abroad. Most signage in downtown Seoul is in Korean only.
I also got the sense that Koreans are very frugal. The uncuscioned hard seats in the train to Seoul Station and the metal seating on the metro were shocking.
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Thu Oct 03, 2019 8:38 am

Waterbomber2 wrote:
Having visited Seoul last week and having seen the environment they operate in, I think that KE and Asiana should merge to form one strong carrier.

Sure, Seoul is a mega city, a beautiful city.
But you just don't have the mass, the capital means, the tourism, the domestic extension that you have in Japan or China to justify multiple mega carriers.

Also, I noticed that while Koreans do not mind foreign presence, most of them don't even try to speak English and do not seem susceptible to travel abroad. Most signage in downtown Seoul is in Korean only.
I also got the sense that Koreans are very frugal. The uncuscioned hard seats in the train to Seoul Station and the metal seating on the metro were shocking.


While I do agree that KE-OZ merger will make a formidable mega-carrier....
Taiwan will see three FSCs and their population is 1/2 of S. Korean population. Let's see how they do.

BTW, hard, metal seats in the subway system have a tragic history. https://en.wikipedia.org/wiki/Daegu_subway_fire
 
FromCDGtoSYD
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Re: Asiana Airlines in huge financial trouble

Fri Oct 04, 2019 4:08 am

Waterbomber2 wrote:
Also, I noticed that while Koreans do not mind foreign presence, most of them don't even try to speak English and do not seem susceptible to travel abroad. Most signage in downtown Seoul is in Korean only.
I also got the sense that Koreans are very frugal. The uncuscioned hard seats in the train to Seoul Station and the metal seating on the metro were shocking.


Koreans have a high propensity for travel, last year the global outbound travel market was over 28 million, thats is even more than japan which has double the population. Admittedly alot of this growth has come from the proliferation of LCCs, the demand is still there.

Seoul is also a fantastic hub as in half of the population (around 25 million) of the country sits in its metropolitan area. Thats basically the population of Taiwan. I guess you could argue that multiple FSCs causes problems when it comes to bilateral rights for example which is true, but me says mismanagement is unfortunately more of a problem...
 
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SQ22
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Oct 04, 2019 8:50 am

I have modified thread title a bit to reflect that his is an ongoing thread.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Wed Oct 09, 2019 7:11 pm

http://biz.khan.co.kr/khan_art_view.htm ... ode=920501 (link in Korean)
There is a conflict between AK Group and Asiana, as AK sought to obtain the lease contract information from Asiana.
AK says it is necessary for the due diligence, but Asiana denies and claims that it is highly confidential as it involves an NDA with third-party lessors.

On the surface the both parties are right, but what's the typical due diligence process during airline M&A?

BTW, It was (kinda obviously) predicted that AK, who owns Jeju Air, does not actually want to buy Asiana but just wants Asiana's classified internal information,
 
ITSTours
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Re: Asiana Airlines in huge financial trouble

Wed Oct 09, 2019 7:17 pm

ITSTours wrote:
The shortlist was announced.

1. HDC Hyundai Development Company (SI) + Mirae Asset Daewoo (FI)
2. AK (SI) + ??
3. KCGI (FI) + BankerStreet (FI) consortium
4. Stonebridge (FI) + ??

FIs (financial investors) need to form a consortium with SIs (strategic investors).
AK is looking for FIs as they don't have enough money.

Binding bids is expected to be accepted at the end of October.


http://biz.khan.co.kr/khan_art_view.htm ... ode=920501 (article in Korean)
Stonebridge did not attend the due diligence presentation, so it might have dropped out.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Oct 17, 2019 1:53 am

https://n.news.naver.com/article/014/0004311341 (Article in Korean)

The Supreme Court of South Korea has (finally) decided against Asiana on OZ214 SFO accident case.

Asiana is ordered to stop flying ICN-SFO route for 45 days.
 
Prost
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Oct 17, 2019 3:21 am

I don’t understand that type of punitive action against Asiana. I agree they need a cultural shift, but this just seems like it isn’t addressing anything important.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Nov 07, 2019 8:44 am

https://www.reuters.com/article/asiana- ... SL3N27N1FJ

Asiana bidding has ended.

1. HDC Hyundai Development Company (SI) + Mirae Asset Daewoo (FI)
2. Jeju Air (SI) + Stonebridge (FI)
3. KCGI (FI) + BankerStreet (FI) + Unknown SIs

Kumho industrial will review the bids from these three consortiums and select the preferred bidder in about a week.

It is also reported that, instead of its parent company AK Holdings, Jeju Air is the suitor of the application. Jeju Air is the largest LCC in S Korea.
Large conglomerates like SK or GS are apparently not participating.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Nov 07, 2019 8:48 am

ITSTours wrote:
https://n.news.naver.com/article/014/0004311341 (Article in Korean)

The Supreme Court of South Korea has (finally) decided against Asiana on OZ214 SFO accident case.

Asiana is ordered to stop flying ICN-SFO route for 45 days.


Asiana temporarily suspends ICN-SFO operations from 3/1/2020 to 4/14/2020.
Resumes operation on 4/15/2020.
 
Scotron12
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Nov 07, 2019 12:34 pm

Not saying is relevant here, but corruption is still a big issue in S. Korea.

https://nationalinterest.org/tag/south-korea
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Nov 08, 2019 2:02 am

Scotron12 wrote:
Not saying is relevant here, but corruption is still a big issue in S. Korea.

https://nationalinterest.org/tag/south-korea


Yes, especially when only the prosecutors can indict someone; and they can choose to, or not to, indict.
Unlike many states in the US, where the indictment is governed by the grand jury.

But I think it's very much not related to what's happening in Asiana.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Nov 08, 2019 2:22 am

https://news.v.daum.net/v/20191108085511208 (Article in Korean)

HDC Hyundai Development Company consortium is reported to have offered 2.5 trillion KRW, about $2.16 billion USD.
Jeju Air consortium has bidded less than 2 trillion KRW.
It's expected that HDC consortium will likely to be winner, but we can wait about a week to see.

In either bids, less than 400 million KRW (345 million USD) will be used to buy out Kumho Industrial's current stocks.
The others will be capital increase through newly issued shares, allocated to the third party (the preferred bidder in this case.)

By the way, the term "third-party allocation" or "third-party allotment" seem to be only used in Japanese and Korean companies. Is it not a standard practice in Western economies?
 
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LAXintl
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Nov 12, 2019 6:29 am

Hyundai Development-led group picked as Asiana prefered bidder.

https://mobile.reuters.com/article/amp/idUSKBN1XM0EN

Hyundai-led consortium was the "most qualified candidate to help normalize Asiana's management and secure its competitiveness in the mid and long term".
From the desert to the sea, to all of Southern California
 
Ellofiend
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Nov 12, 2019 8:01 am

As Asiana has the Kumho group logo as their own, I suppose we will be seeing this change? Along with the livery possibly? I have heard the name will remain however for the foreseeable future
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Sun Dec 15, 2019 7:23 pm

https://n.news.naver.com/article/015/0004257730
(Article in Korean)

The stock purchase agreement (SPA) will be made between HDC and Kumho on December 27th. The deal has been de facto finished.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Sun Dec 15, 2019 7:24 pm

Ellofiend wrote:
As Asiana has the Kumho group logo as their own, I suppose we will be seeing this change? Along with the livery possibly? I have heard the name will remain however for the foreseeable future


The logo will change. The name remains. As you already know.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Dec 27, 2019 8:42 am

https://m-en.yna.co.kr/view/AEN20191227003151320?

HDC Hyundai Development Company closed the deal to acquire Asiana Airlines from Kumho Industrial.
 
juliuswong
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Dec 31, 2019 3:41 am

ITSTours wrote:
https://news.v.daum.net/v/20191108085511208 (Article in Korean)

HDC Hyundai Development Company consortium is reported to have offered 2.5 trillion KRW, about $2.16 billion USD.
Jeju Air consortium has bidded less than 2 trillion KRW.
It's expected that HDC consortium will likely to be winner, but we can wait about a week to see.

In either bids, less than 400 million KRW (345 million USD) will be used to buy out Kumho Industrial's current stocks.
The others will be capital increase through newly issued shares, allocated to the third party (the preferred bidder in this case.)

By the way, the term "third-party allocation" or "third-party allotment" seem to be only used in Japanese and Korean companies. Is it not a standard practice in Western economies?

To be honest, I am not sure how Jeju Air which recorded a massive loss of 17.5 billion won recently can shallow Asiana. The latter is much bigger and is more complex in terms of management. That is very daring of AK Group to bid for someone 2x bigger their size.
- Life is a journey, travel it well -
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Mon Apr 06, 2020 9:38 pm

HDC Hyundai Development Company has indefinitely postponed the acquisition of Asiana Airlines.
http://www.businesskorea.co.kr/news/art ... dxno=43640

HDC still insists that they are going to acquire Asiana, saying the takeover is "on track".
https://en.yna.co.kr/view/AEN20200402003400320

McKinsey allegedly told HDC that it is better to give up the acquisition. In such case HDC has to pay Asiana 250 Billion KRW (204 Million USD).
The article in Korean has been deleted.
https://webcache.googleusercontent.com/ ... efox-b-1-d

Probably not a very good time to purchase an airline company.
 
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mercure1
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Apr 24, 2020 5:10 pm

Korea Development Bank and Export-Import Bank of Korea have pledged to extend financial support of 1.7 trillion won (US$1.4 billion) to ensure Asiana continues to operate during the COVID-19 pandemic.

http://www.orientaviation.com/articles/ ... ocal-banks
mercure f-wtcc
 
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LAXintl
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Re: Asiana Airlines News and Developments Discussion Thread

Thu May 14, 2020 5:58 pm

OZ plans restart 13 additional routes in June.

https://www.koreatimes.co.kr/www/tech/2 ... 89532.html
From the desert to the sea, to all of Southern California
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Thu May 14, 2020 8:29 pm

LAXintl wrote:
OZ plans restart 13 additional routes in June.

https://www.koreatimes.co.kr/www/tech/2 ... 89532.html


Weekly capacity from ICN
Airport May June
NRT 7 7
PEK 0 7
PVG 0 7
NKG 0 2
TAO 0 3
WEH 0 3
CGQ 1 3
HRB 0 2
YNJ 0 4
DLC 0 2
CAN 0 4
XIY 0 2
CTU 0 2
HKG 2 2
TPE 5 5

MNL 3 4
PNH 3 4
HAN 3 7
SGN 3 7
BKK 3 3
SIN 0 3
CGK 3 3

LAX 7 7
SFO 3 3
SEA 0 3
JFK 7 7
FRA 3 4

Total 53 110
 
hoons90
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Re: Asiana Airlines News and Developments Discussion Thread

Fri May 15, 2020 4:15 pm

ITSTours wrote:
LAXintl wrote:
OZ plans restart 13 additional routes in June.

https://www.koreatimes.co.kr/www/tech/2 ... 89532.html


Weekly capacity from ICN


So there will be 3 carriers on SEA-ICN next month? Isn't that a bit much? Who will blink first?
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deltatrav
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Re: Asiana Airlines News and Developments Discussion Thread

Tue May 26, 2020 2:25 pm

Has Asiana indicated any plans with their 767s? Those seem BEYOND ripe for retirement in a post-COVID world. Hopefully the 777s and A380s will stick around.
 
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mercure1
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Jul 02, 2020 9:50 pm

Asiana might have its own problems, but it found money to acquire 12.7 million additional shares in Air Busan, increasing its stake to 55.1%.
mercure f-wtcc
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Jul 02, 2020 11:24 pm

mercure1 wrote:
Asiana might have its own problems, but it found money to acquire 12.7 million additional shares in Air Busan, increasing its stake to 55.1%.


As a convertible bond of 416M USD. I don't know where Asiana got the money from. They are suffering from capital impairment.

Meanwhile, the HDC-Asiana acquisition deal had been in jeopardy, but recently the chairman of HDC and the chairman of Industrial Bank of Korea met and the deal is now going on again.
 
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VCVSpotter
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Re: Asiana Airlines News and Developments Discussion Thread

Thu Jul 02, 2020 11:58 pm

Anyone know the plans for Asiana's lone passenger 747-400 HL7428? Seems like a prime candidate to be on the chopping block for a post-COVID world.....
https://docs.google.com/spreadsheets/d/ ... edit#gid=0

Just a normal teenager juggling AP classes and airplanes. No biggie • Love the 747 & 777-9 • Farewell BA/KL 744s
 
eamondzhang
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Re: Asiana Airlines News and Developments Discussion Thread

Fri Jul 03, 2020 12:37 am

deltatrav wrote:
Has Asiana indicated any plans with their 767s? Those seem BEYOND ripe for retirement in a post-COVID world. Hopefully the 777s and A380s will stick around.

Believe they were slated to be replaced by A350 (believe via pushing A333/772s to regional routes) and A321neos but hell knows what's going on now.

Michael
 
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mercure1
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Jul 21, 2020 5:16 pm

Seems sale to Hyundai Development is likely to fall through again according to local media reports.

Reported Asiana Group pursuing a Plan B, which may include hading over routes to its Seoul and Air Busan subsidiaries with Asiana focusing on Europe, the US, and key Asian markets like Beijing, Shanghai and Tokyo routes.

http://www.businesskorea.co.kr/news/art ... dxno=49186
mercure f-wtcc
 
usflyer msp
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Jul 21, 2020 6:52 pm

mercure1 wrote:
Seems sale to Hyundai Development is likely to fall through again according to local media reports.

Reported Asiana Group pursuing a Plan B, which may include hading over routes to its Seoul and Air Busan subsidiaries with Asiana focusing on Europe, the US, and key Asian markets like Beijing, Shanghai and Tokyo routes.

http://www.businesskorea.co.kr/news/art ... dxno=49186


One thing I don't understand about the Korean economy is the over dependence upon conglomerates. Instead of selling OZ to a different conglomerate, why couldn't Kumho Asiana just spin OZ off into its own independent company?
 
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lightsaber
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Jul 21, 2020 7:06 pm

mercure1 wrote:
Seems sale to Hyundai Development is likely to fall through again according to local media reports.

Reported Asiana Group pursuing a Plan B, which may include hading over routes to its Seoul and Air Busan subsidiaries with Asiana focusing on Europe, the US, and key Asian markets like Beijing, Shanghai and Tokyo routes.

http://www.businesskorea.co.kr/news/art ... dxno=49186

If you are going to go the conglomerate approach, Korea can really only support one network carrier and one or two LCCs.

I'm not a fan of boutique network airlines as they derive yield by offering more convenient connections than the competition.

Either be the volume (brutal ULCC) or cater to higher yield. The open hole in the market is dynamic allocation of less than daily service to chase yield.

I am officially confused as to how Asiana could make a profit in the future.

Lightsaber
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ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Jul 21, 2020 8:41 pm

usflyer msp wrote:
mercure1 wrote:
Seems sale to Hyundai Development is likely to fall through again according to local media reports.

Reported Asiana Group pursuing a Plan B, which may include hading over routes to its Seoul and Air Busan subsidiaries with Asiana focusing on Europe, the US, and key Asian markets like Beijing, Shanghai and Tokyo routes.

http://www.businesskorea.co.kr/news/art ... dxno=49186


One thing I don't understand about the Korean economy is the over dependence upon conglomerates. Instead of selling OZ to a different conglomerate, why couldn't Kumho Asiana just spin OZ off into its own independent company?


Well there is a private equity fund called KCGI who wants to take over Korean Air.

But besides them, there aren't that much company that is able to fund such large money besides Chaebols.
 
ITSTours
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Re: Asiana Airlines News and Developments Discussion Thread

Tue Jul 28, 2020 9:24 pm

Asiana may be nationalized if HDC deal collapses.
https://koreajoongangdaily.joins.com/20 ... 00400.html

Temporary nationalization by Korea Development Bank (KDB) and Export-Import Bank of Korea (Eximbank).
They will sell it back after the market improves with restructuring.
 
ITSTours
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Re: Asiana Airlines News and Discussion Thread

Thu Aug 06, 2020 8:09 am

https://m.pulsenews.co.kr/view.php?sc=3 ... &no=797643
https://en.yna.co.kr/view/AEN2020080600 ... my/economy

It is getting more and more likely that the deal will collapse.

HDC wanted another due diligence for 12 weeks.
The creditors (KDB and Eximbank) and Kumho rejected it.

It is viewed that HDC wants another round of due diligence only because they want to break the deal and get the deposit back,
and not because they actually want to buy Asiana out.

Kumho says they will discontinue the sale and confiscate the deposit HDC has paid ($209 million USD),
if HDC does not close the deal until August 12.
Of course HDC will go to the court and try to get the money back.

When the deal actually breaks, the government will most likely bail out Asiana.

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