Asiana Airlines to receive US$1.4b support from creditors

South Korean creditors plan to provide KRW1.6t (US$1.40b) in financial support to debt-laden Asiana Airlines, the country's finance minister said Tuesday, alleviating liquidity problems after a bruising month. Asiana Airlines' biggest shareholder earlier this month said it would sell its entire stake worth KRW564b as of Monday's closing share price, in response to creditors' rejection of an earlier request for support of KRW500b. Creditors have now offered to buy Asiana Airlines' perpetual bonds worth KRW500b and set a credit limit of KRW800b, among other conditions, said minister of economy and finance Hong Nam-ki. Hong also said creditors wanted top shareholder Kumho Industrial Co to sell its stake within this year. <br/>