{"id":307762,"date":"2019-12-30T11:39:11","date_gmt":"2019-12-30T06:09:11","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=307762"},"modified":"2019-12-30T11:52:05","modified_gmt":"2019-12-30T06:22:05","slug":"south-korean-builder-takes-control-of-asiana-airlines-for-2-2-billion","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/south-korean-builder-takes-control-of-asiana-airlines-for-2-2-billion\/","title":{"rendered":"South Korean builder takes control of Asiana Airlines for $2.2 billion"},"content":{"rendered":"<p>SEOUL: A South Korean construction firm on Friday signed a deal to acquire Asiana, the country\u2019s second-largest airline, which has long been plagued by financial problems.<\/p>\n<p>The HDC Hyundai Development Company said its consortium closed on a 2.5 trillion won ($2.2 billion) controlling stake in the troubled airline, which currently owes some 3 trillion won to financial institutions. Kumho Industrial, the carrier\u2019s biggest shareholder, put its 31% stake up for sale earlier this year under pressure from its creditors.<\/p>\n<p>The deal also includes Asiana\u2019s affiliates, including low-cost carriers Air Seoul and Air Busan. \u201cWe will immediately get into the process of taking over Asiana Airlines to (financially) stabilise the company,\u201d Chung Monggyu, HDC Hyundai Development chairman, said in a statement. Kumho, Asiana\u2019s parent company for more than 30 years, has struggled in recent years and was hit especially hard by the global financial crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEOUL: A South Korean construction firm on Friday signed a deal to acquire Asiana, the country\u2019s second-largest airline, which has long been plagued by financial problems. The HDC Hyundai Development Company said its consortium closed on a 2.5 trillion won ($2.2 billion) controlling stake in the troubled airline, which currently owes some 3 trillion won to financial institutions. Kumho Industrial, the carrier\u2019s biggest shareholder, put its 31% stake up for sale earlier this year under pressure from its creditors. The deal also includes Asiana\u2019s affiliates, including low-cost carriers Air Seoul and Air Busan. \u201cWe will immediately get into the process [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[192,130,136],"tags":[],"class_list":["post-307762","post","type-post","status-publish","format-standard","hentry","category-civil-aviation-the-economic-times","category-newspapers","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/307762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=307762"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/307762\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=307762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=307762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=307762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}