Parent of South Korea's Asiana Airlines Puts Its $442 Million Stake Up for Sale

The top shareholder of South Korea’s second-largest carrier, Asiana Airlines, said on Monday it would sell its entire stake in the debt-ridden firm to keep it afloat, sending shares of the carrier and its budget arm 30 percent higher, Reuters reported. The move caps weeks of financial uncertainty involving the carrier which started last month when it failed to win auditors’ sign-off on its 2018 financial statements, triggering warnings of credit ratings downgrades and the resignation of the parent group’s chairman. Its shares have since more than doubled, as its top shareholder Kumho Industrial pledged to sell the airline should it fail to reduce the airline’s debt, raising expectations for potential takeover interest. Read more