SEOUL, Dec. 1 (Korea Bizwire) — A South Korean court on Tuesday rejected an injunction filed by a local equity fund against Hanjin KAL’s stock sales meant to fund its affiliate Korean Air Lines Co.’s takeover of smaller rival Asiana Airlines Inc., clearing one of the hurdles for the largest deal ever in the airline [...]
SEOUL, Nov. 29 (Korea Bizwire) — South Korea’s biggest carrier Korean Air Lines Co.’s planned acquisition of the debt-laden Asiana Airlines Inc. requires approval from antitrust authorities in at least four other countries, industry sources said Sunday. According to the aviation industry sources and the Fair Trade Commission (FTC), the planned merger requires review from [...]
SEOUL, Nov. 20 (Korea Bizwire) — Creditors’ plan to sell the debt-laden Asiana Airlines Inc. to its bigger rival Korean Air Lines Co. faces a bumpy road as a local equity fund has filed an injunction against the plan. On Tuesday, Asiana’s main creditor, the Korea Development Bank (KDB), signed an investment agreement with Korean [...]
SEOUL, Nov. 18 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, will proceed with the deal to acquire its smaller local rival Asiana Airlines Inc. without job cuts, the company’s chairman said Wednesday. “The company made a decision to acquire (Asiana Airlines) to make a contribution to the development of the country’s [...]
SEOUL, Nov. 16 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Monday that it will acquire Asiana Airlines Inc. in a deal valued at 1.8 trillion won (US$1.6 billion) that would create the world’s 10th-biggest airline by fleets. Korean Air plans to raise 2.5 trillion won via rights offerings early next [...]
SEJONG, Nov. 12 (Korea Bizwire) — Hanjin Group, which owns South Korea’s top flag carrier Korean Air Lines Co., is mulling acquiring the country’s No. 2 carrier Asiana Airlines Inc., sources here said Thursday. Hanjin Group is in talks with the state-run Korea Development Bank (KDB), the main creditor of Asiana, to buy the debt-ridden [...]
SEOUL, Nov. 5 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Thursday its net losses widened in the third quarter from a year earlier amid the pandemic. Net losses widened to 385.93 billion won (US$343 million) in the three months that ended in September from 211.85 billion won in the same [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korea’s top full service carrier Korean Air Lines Co. is seeking to raise an additional 1.5 trillion won (US$1.3 billion) in cash to overcome a prolonged, industrywide slump amid the pandemic, industry sources said Sunday. Korean Air plans to sell a lot of land in downtown Seoul to [...]
SEOUL, Oct. 8 (Korea Bizwire) — Korean Air Lines Co. announced Wednesday that it will secure additional cool cargo centers at Incheon International Airport next year to ensure safe shipping of coronavirus vaccines. The country’s top flag carrier currently owns a 1,292 square meter refrigerated warehouse at Incheon International Airport, that is capable of storing [...]
SEOUL, Sept. 28 (Korea Bizwire) — Korean Air Lines Co. and Asiana Airlines Inc. — South Korea’s two biggest carriers — are preparing to transport vaccines for the novel coronavirus as governments around the world continue throw resources behind efforts to develop a vaccine. While it is still too early to decide when or how [...]