South Korea to pump $828m into Korean Air, Yonhap says
South Korea’s financial authorities will provide one trillion won ($828m) in liquidity to Korean Air Lines by issuing government-guaranteed bonds as early as the end of this month, Yonhap News reported. The cash-strapped flag carrier needs the funds to stay afloat as the aftermath of the Covid-19 outbreak is likely to continue to hinder its operations into H2 2020, according to the report, which cited an unidentified government official. Earlier this year, the airliner received 1.2t won of aid from the state-run Korea Development Bank and the Export-Import Bank of Korea for its financial needs in H1, Yonhap said. Korean Air has 3.3t won in debt coming due this year alone, and the amount could swell to 4t won if investors of its hybrid bonds exercise their rights for early redemption, it said.<br/>
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South Korea to pump $828m into Korean Air, Yonhap says
South Korea’s financial authorities will provide one trillion won ($828m) in liquidity to Korean Air Lines by issuing government-guaranteed bonds as early as the end of this month, Yonhap News reported. The cash-strapped flag carrier needs the funds to stay afloat as the aftermath of the Covid-19 outbreak is likely to continue to hinder its operations into H2 2020, according to the report, which cited an unidentified government official. Earlier this year, the airliner received 1.2t won of aid from the state-run Korea Development Bank and the Export-Import Bank of Korea for its financial needs in H1, Yonhap said. Korean Air has 3.3t won in debt coming due this year alone, and the amount could swell to 4t won if investors of its hybrid bonds exercise their rights for early redemption, it said.<br/>
