Creditors for South Korea’s Asiana Airlines mull support plan

Creditors for debt-laden South Korean airlines will come up with a financial support plan either by late April or early May.

On Tuesday, as per a statement from the Korea Development Bank, the principle creditor of Asiana Airlines, creditors are aiming to come up with a financial support plan for the debt-heavy South Korean carrier by April 25, 2019, in order to ease its liquidity woes.

KDB Chairman Lee Dong-gull said, creditors plan to sign a preliminary deal on the support measures either in late April or early May.

On Monday, Kumho Industrial, the top shareholder of Asiana, had said it plans on selling its entire 33.5% stake, worth $440.08 million (500 billion won) at the closing price.

Lee also mentioned, it is “desirable” that Asiana should divest its units, which include two budget carriers, Air Busan and Air Seoul.

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