September 14, 2020 08:33
Creditors will take over the running of Asiana Airlines for now after a deal to take over the struggling carrier by HDC Hyundai Development fell through.
Around W2.4 trillion from state coffers will be put in to help the airline stay afloat, according to the state-run Korea Development Bank on Sept. 11 (US$1=W1,187). Prospects of another bid to take it over are slim as the aviation industry was hit hard by the coronavirus epidemic.
The deal was finally scrapped after 10 months of negotiations when the creditors, chiefly KDB, rejected a demand from HDC to carry out another round of due diligence as the airline's losses mounted.
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