Asiana sale falls through

A KRW2.5 trillion ($2.1 billion) sale of troubled Asiana Airlines to an HDC Hyundai Development-led consortium has failed. Asiana reported operating losses of KRW268 billion for H2 2020 and is KRW11.5 trillion in debt. Korea Development Bank and Kexim are Asiana’s largest creditors. They intend to become Asiana’s biggest shareholders and inject another KRW2.3 trillion to keep the airline afloat whilst it is restructured prior to another attempt at a sale.