$2.1 billion Asiana Airlines takeover collapses
A $2-billion-plus deal for a South Korean property developer to take over lossmaking Asiana Airlines collapsed Friday in the wake of the coronavirus pandemic, with state-owned banks mounting a bailout to try to save 9,000 jobs.
The global travel restrictions imposed to try to control the virus have wreaked havoc on the airline industry, but Asiana was in trouble even before it struck.
In December, a consortium led by HDC Hyundai Development agreed to buy a controlling stake in the airline from its biggest shareholder Kumho Industrial and pump in fresh cash in a deal totalling 2.5 trillion won ($2.1 billion).
