(MENAFN) Korean Air Lines, South Korea"s main air transporter, will obtain the country"s debt-ridden second-biggest air carrier, Asiana Airlines, Yonhap news agency reported on Monday quoting the state-possessed Korea Development Bank (KDB).
The KDB, one of the main creditors of the debt-laden airline, will spend in 500 billion won (USD450.9 million) of shares and 300 billion won (USD270.5 million) of exchangeable ties to be sold by Hanjin KAL, a holding firm of airline corporation Hanjin Group.
Hanjin KAL will lend the raised finance of 800 billion won (USD721.4 million) to Korean Air to aid its associate conquest Asiana Airlines, while buying 731.7 billion won (USD659.8 million) of stocks out of the joint 2.5 trillion won (USD2.3 billion) in shares to be released by Korean Air for the attainment.
MENAFN22112020000045011134ID1101166332
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.