Asiana's Creditor Bank Calls For Support For Korean Air Takeover Plan

Asiana Airline's lead creditor bank called for backing for Korean Air's takeover of the debt-ridden Korean carrier on Thursday in the face of opposition to the plan from some shareholders, Reuters reported. Activist fund KCGI, which is the largest shareholder of Korean Air's parent company Hanjin Kal, said it had filed for a court injunction to prevent it issuing new shares to state-run Korea Development Bank (KDB). Korean Air announced plans on Monday to spend 1.8 trillion won ($1.62 billion) to become the top shareholder of Asiana, in aviation’s first major takeover since restrictions to curb the COVID-19 pandemic decimated air travel. “This is the only way for our national airline, our international aviation business to survive,” KDB chairman Lee Dong-gull told reporters on Thursday. Read more