Bidding for Asiana Airlines to begin this week

The bidding process for the sale of Asiana Airlines is set to begin this week, said Lee Dong-gul, chairman of Kumho Asiana Group's main creditor, Korea Development Bank, Tuesday. KDB declined to specify details but according to industry sources and media reports, the process could start as early as Wednesday. Aekyung has stated its intention to take over the debt-ridden company. It operates the LCC Jeju Air, but the group is considered too small to be able to acquire Asiana. Conglomerates such as SK, Hanwha, GS, and Lotte said earlier they were not interested, but this is seen as a tactic to keep prices down, and they may join the bid at the last minute. The list of potential buyers is set to be drawn up by September. The bid will likely take place in October or November, when the preferred bidder will be selected <br/>