SEOUL, April 20 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, is considering stock offerings worth up to 1 trillion won (US$820 million) as part of self-help measures amid the growing coronavirus impact on the airline sector, financial sources said Monday. Korean Air is in talks with major securities companies to raise [...]
SEOUL, April 7 (Korea Bizwire) — South Korea’s No. 1 flag carrier, Korean Air Lines Co., said Tuesday that it will start a six-month-long work stoppage for more than 70 percent of its workforce, as the novel coronavirus wreaks havoc on the airline industry. The measure is part of an ongoing effort to survive the [...]
WASHINGTON/SEOUL, April 1 (Korea Bizwire) — Korean Air Lines Co., South Korea’s national flag carrier, said Wednesday it will suspend flights on the Incheon-Washington route from mid-April due to the impact of the coronavirus. Korean Air plans to stop serving flights from Incheon to Washington, D.C., starting April 13, with the suspension scheduled to last [...]
SEOUL, March 31 (Korea Bizwire) — Korean Air Lines Co. is set to put all of its non-Korean pilots on three months of unpaid leave starting next month in a self-rescue effort amid worsening business conditions caused by the coronavirus outbreak. Under the measure, 387 pilots are expected to go on mandatory unpaid leave from [...]
SEOUL, March 25 (Korea Bizwire) — Executives of Korean Air Lines Co. will return part of their wages from April to help the company survive the worsening business environment due to the coronavirus outbreak, the company said Wednesday. Executives’ salaries will be reduced by up to 50 percent starting in April and continuing until the [...]
SEOUL, March 16 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest airline by sales, said Monday it has begun to use passenger jets to transport cargo on suspended routes amid the spreading coronavirus outbreak. Korean Air initially started to use grounded passenger aircraft to deliver cargo on routes to Ho Chi Minh City [...]
SEOUL, March 10 (Korea Bizwire) — Korean Air Lines Co. said Tuesday it has offered a voluntary leave program to its employees as it struggles to cope with the sharp decline in travel demand amid the spread of the coronavirus. Flight attendants who have worked for the flag carrier for at least two years can [...]
SEOUL, Feb. 28 (Korea Bizwire) — Korean Air Lines Co., the country’s biggest airline by sales, said Friday it will reduce flights on U.S. routes next month and use smaller planes due to declining demand amid the spread of the new coronavirus. Korean Air will temporarily reduce the number of flights on the routes from [...]
SEOUL, Feb. 20 (Korea Bizwire) — The three-party alliance led by Hanjin Group heiress Cho Hyun-ah, widely known for the “nut rage” incident in 2014, on Thursday reiterated a need to replace the current leadership of the debt-laden South Korean airline conglomerate. The 45-year-old heiress has recently joined hands with the Korea Corporate Governance Improvement [...]
SEOUL, Feb. 6 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest airline and national flag carrier, said Thursday it will sell property and non-core assets to improve its financial status. Korean Air plans to sell its idle property in central Seoul and a non-core business unit to emerge as a financially healthy company [...]