Asiana to get US$1.4b liquidity from state banks
South Korea's 2 state-owned banks said Tuesday they will provide up to KRW1.7t (US$1.4b) in fresh liquidity to Asiana Airlines as the industry struggles with the coronavirus crisis. The loans are expected to keep the loss-making carrier going as Asiana awaits the completion of its acquisition by a consortium led by a South Korean builder, signed in December. Asiana can use the liquidity in the form of loans as needed, a spokesmen for Korea Development Bank and Export-Import Bank of Korea said. A consortium led by Hyundai Development in December had signed a deal to acquire a controlling stake in Asiana at KRW2.5t. However, the deal has not closed as regulatory approval from various countries for the acquisition is pending, while the impact from the coronavirus pandemic on the aviation industry has also raised questions about the deal's progress, local media said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-04-22/star/asiana-to-get-us-1-4b-liquidity-from-state-banks
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Asiana to get US$1.4b liquidity from state banks
South Korea's 2 state-owned banks said Tuesday they will provide up to KRW1.7t (US$1.4b) in fresh liquidity to Asiana Airlines as the industry struggles with the coronavirus crisis. The loans are expected to keep the loss-making carrier going as Asiana awaits the completion of its acquisition by a consortium led by a South Korean builder, signed in December. Asiana can use the liquidity in the form of loans as needed, a spokesmen for Korea Development Bank and Export-Import Bank of Korea said. A consortium led by Hyundai Development in December had signed a deal to acquire a controlling stake in Asiana at KRW2.5t. However, the deal has not closed as regulatory approval from various countries for the acquisition is pending, while the impact from the coronavirus pandemic on the aviation industry has also raised questions about the deal's progress, local media said. <br/>
