Asiana Airlines CE Park quits in aftermath of accounting fiasco

Asiana Airlines' co-CE resigned Thursday and its debt-ridden parent Kumho Asiana Group sought financial support from its top creditor after an accounting fiasco at the carrier threatened the group's liquidity position. The surprise resignation of Park Sam-koo, who also quit as chairman of the group and co-CE of its biggest shareholder Kumho Industrial, comes after the two firms failed to get auditors' sign-offs on their annual reports last week. That triggered warnings of credit ratings downgrades, a sharp earnings revision for Asiana, and a massive stock-market sell-off of the two firms Tuesday when shares resumed trading after a 2-day trading halt. Asiana has already sold assets to improve cash flow and reduce debt from aircraft purchases, as it battles rising fuel costs and competition from low-cost carriers. <br/>