Acquisition of Asiana Airline nullified, creditors to manage airline
Arirang News
2020-09-12
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아시아나항공 매각 무산…금호, HDC현산에 계약해지 통보
The planned takeover of South Korea's Asiana Airline by the Hyundai Development Company has been officially nullified on Friday..., nine months after the stock purchase agreement was signed.
This leaves the creditors of the carrier to manage the airline for the first time in six years.
Around two-point-four trillion won, or some 2 billion U.S. dollars from state funds, will be put in to help the carrier stay afloat.
The acquisition of the troubled airline faced a bumpy road as the aviation industry was hit hard by the COVID-19 outbreak.
While the HDC had requested another round of inspections to examine Asiana's financial condition, creditors rejected the deal..., ultimately leading to the end of the 9 months long negotiation.
The planned takeover of South Korea's Asiana Airline by the Hyundai Development Company has been officially nullified on Friday..., nine months after the stock purchase agreement was signed.
This leaves the creditors of the carrier to manage the airline for the first time in six years.
Around two-point-four trillion won, or some 2 billion U.S. dollars from state funds, will be put in to help the carrier stay afloat.
The acquisition of the troubled airline faced a bumpy road as the aviation industry was hit hard by the COVID-19 outbreak.
While the HDC had requested another round of inspections to examine Asiana's financial condition, creditors rejected the deal..., ultimately leading to the end of the 9 months long negotiation.
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