Korean Air seeks additional loan based on Wilshire Grand Center in LA
Korean Air Lines opted to collateralize Wilshire Grand Centre in downtown LA to take out a loan instead of selling the hotel building as it tries to survive the hard times under virus pandemic. According to industry and investment banking sources on Tuesday, Korean Air tapped Standard Chartered Bank Korea to arrange new loans of around 350b won ($294m) to pay off its debts due in September backed by the 73-story skyscraper in LA. Korean Air confirmed it is reviewing such a refinancing plan but detailed terms are still in discussion. It was earlier said to consider sale of the hotel building in LA as part of its efforts to bolster liquidity. The Wilshire Grand Center is a landmark and icon of Los Angeles valued at 1.2t won. It is owned by Hanjin International Corporation, which is under Korean Air Lines.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-08-06/sky/korean-air-seeks-additional-loan-based-on-wilshire-grand-center-in-la
https://portal.staralliance.com/cms/logo.png
Korean Air seeks additional loan based on Wilshire Grand Center in LA
Korean Air Lines opted to collateralize Wilshire Grand Centre in downtown LA to take out a loan instead of selling the hotel building as it tries to survive the hard times under virus pandemic. According to industry and investment banking sources on Tuesday, Korean Air tapped Standard Chartered Bank Korea to arrange new loans of around 350b won ($294m) to pay off its debts due in September backed by the 73-story skyscraper in LA. Korean Air confirmed it is reviewing such a refinancing plan but detailed terms are still in discussion. It was earlier said to consider sale of the hotel building in LA as part of its efforts to bolster liquidity. The Wilshire Grand Center is a landmark and icon of Los Angeles valued at 1.2t won. It is owned by Hanjin International Corporation, which is under Korean Air Lines.<br/>
