Korean Air injects W1.1t into Hanjin International to keep hotel business afloat

Korean Air announced Thursday it was injecting 1.1t won into its subsidiary company Hanjin International to help pay off its debts and keep the latter’s hotel business afloat. The decision was made during a board of directors meeting on Wednesday, which will help pay back HIC’s debt worth $900m while $50m will be used to cover operating expenses for the Wilshire Grand Center in Downtown Los Angeles, a hotel HIC has operated since 2017. The airline said the move comes after taking into consideration delayed refinancing caused by the pandemic and added $300m was funded by a loan from the Export-Import Bank of Korea it took out to for HIC.<br/>