Asiana Airlines: will the Kumho Group sell a third of the shares?
Possible sale for 315 million dollars
Attempts by Kumho Asiana Group to save the South Korean carrier Asiana Airlines, which in recent years has recorded an excessive increase in expenses, increasing its debt almost uncontrollably, continue. The first recovery plan presented to the creditors was rejected by the Korean Development Bank (KDB) because it was deemed impossible to sell due to the sale of some assets and ownership of the Group that controls the carrier.
In order to increase liquidity from Kumho Asiana Group came the proposal to sell a third of Asiana Airlines shares at the price of 315 million dollars, in a move that would also be preparatory to access the $ 442 million loan requested from KDB to allow the company to remain operational and to launch a new business plan, geared towards revenue growth. However, it should not be ruled out that should one third of Asiana Airlines' shares be sold, the same Group that controls it will not decide to invest those funds without having to request a loan again which would increase the financial exposure to credit institutions.
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