{"id":21207,"date":"2020-09-11T10:55:13","date_gmt":"2020-09-11T10:55:13","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=21207"},"modified":"2020-09-11T10:55:13","modified_gmt":"2020-09-11T10:55:13","slug":"2-1-billion-asiana-airlines-takeover-collapses","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=21207","title":{"rendered":"$2.1 billion Asiana Airlines takeover collapses"},"content":{"rendered":"<p><\/p>\n<div>SEOUL: A $2-billion-plus deal for a South Korean property developer to take over loss-making <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/Asiana-Airlines\" styleobj=\"[object Object]\" class=\"\" data-ga=\"within_article-topic_link|topic_Asiana-Airlines\" frmappuse=\"1\">Asiana Airlines<\/a> collapsed Friday in the wake of the coronavirus <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/pandemic\" styleobj=\"[object Object]\" class=\"\" data-ga=\"within_article-topic_link|topic_pandemic\" frmappuse=\"1\">pandemic<\/a>, with state-owned banks mounting a bailout to try to save 9,000 jobs. <br \/>The global travel restrictions imposed to try to control the virus have wreaked havoc on the <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/airline-industry\" styleobj=\"[object Object]\" class=\"\" data-ga=\"within_article-topic_link|topic_airline-industry\" frmappuse=\"1\">airline industry<\/a>, but Asiana was in trouble even before it struck. <br \/>In December, a consortium led by HDC Hyundai Development agreed to buy a controlling stake in the airline from its biggest shareholder Kumho Industrial and pump in fresh cash in a deal totalling 2.5 trillion won ($2.1 billion). <br \/>But Asiana reported operating losses of 268 billion won in the first six months of this year &#8212; with its debts soaring to 11.5 trillion won. <br \/>It has cancelled most of its international flights and since April has put all its 9,000 employees on unpaid leave for 15 days a month as it tries desperately to stay airborne. <br \/>HDC repeatedly sought to carry out further rounds of due diligence on the airline, in what was widely seen as an attempt to force a price cut. <br \/>&#8220;Kumho Industrial has notified HDC of the deal termination,&#8221; Choi Dae-hyun, vice president of Asiana&#8217;s main creditor <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/Korea-Development-Bank\" styleobj=\"[object Object]\" class=\"\" data-ga=\"within_article-topic_link|topic_Korea-Development-Bank\" frmappuse=\"1\">Korea Development Bank<\/a> (KDB), announced Friday. <br \/>KDB and another state-owned lender Export-Import Bank of Korea will inject another 2.4 trillion won into the carrier to help keep it flying, he said. <br \/>They are expected to become its biggest shareholders and seek to restructure the airline before attempts are made to find a new buyer. <br \/>Asiana has already received state cash injections totalling 3.3 trillion won since the beginning of last year. <\/div>\n<p><a href=\\\"https:\/\/timesofindia.indiatimes.com\/business\/international-business\/2-1-billion-asiana-airlines-takeover-collapses\/articleshow\/78056860.cms\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEOUL: A $2-billion-plus deal for a South Korean property developer to take over loss-making Asiana Airlines collapsed Friday in the wake of the coronavirus pandemic, with state-owned banks mounting a bailout to try to save 9,000 jobs. The global travel restrictions imposed to try to control the virus have wreaked [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-21207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/09\/1599821715_photo.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/21207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21207"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/21207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/21208"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}