Korean Air to sell in-flight catering and retail businesses
Korean Air is selling its in-flight catering and duty-free businesses and has signed a memorandum of understanding with local private equity fund, Hahn & Company. The investment firm describes itself as “specialising in buyouts and corporate restructurings in South Korea”, according to its website. Korean said that the move was decided at a 7 July board meeting, and the transacting parties will discuss details of the deal later, including follow-ups such as due diligence. It adds: “Korean Air will do everything it can to ensure job security of its employees in these business sectors, and will communicate closely with the labour union.” In the same statement, Korean reiterates its decision to sell assets “to overcome the prolonged crisis caused by the Covid-19 pandemic”.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-08/sky/korean-air-to-sell-in-flight-catering-and-retail-businesses
https://portal.staralliance.com/cms/logo.png
Korean Air to sell in-flight catering and retail businesses
Korean Air is selling its in-flight catering and duty-free businesses and has signed a memorandum of understanding with local private equity fund, Hahn & Company. The investment firm describes itself as “specialising in buyouts and corporate restructurings in South Korea”, according to its website. Korean said that the move was decided at a 7 July board meeting, and the transacting parties will discuss details of the deal later, including follow-ups such as due diligence. It adds: “Korean Air will do everything it can to ensure job security of its employees in these business sectors, and will communicate closely with the labour union.” In the same statement, Korean reiterates its decision to sell assets “to overcome the prolonged crisis caused by the Covid-19 pandemic”.<br/>
