Adhere to the principles of restructuring, such as the responsibility of the main shareholders of the integrated airline KDB

On the 26th, the Korea Development Bank announced on the 26th that in relation to the promotion of the integration of Korean Air and Asiana Airlines, “we have prepared an integration plan in compliance with the three principles of restructuring, such as the responsible role of the main shareholders, the sharing of pain among stakeholders and the preparation of sustainable standardization measures.

As some people have criticized the fact that Korean Air’s acquisition of Asiana Airlines through the investment of KDB funds was preferential treatment for Hanjin Group Chairman Cho Won-tae to defend his management rights, it appears be an attempt to dispel criticism by supporting a theory of integration based on the restructuring principle.

The KDB released a press release on the day and said, “President Won-tae Cho (Affiliate Shares) has provided all of Hanjin Kal’s shares as collateral for violations of the investment agreement and the principle of responsible roles, such as promoting integration and resigning from the frontline of management if management performance is insufficient. This has been maintained, “he stressed.

President Cho’s shares are 275 billion won at market price and the effective value of the collateral is about 170 billion won (applicable to 70,000 won per share), KDB explained, considering the amount of debt already provided. as a guarantee.

KDB also said: “Korean Air has already borrowed 1.2 trillion won of emergency funds from creditors this year and has fulfilled its responsibilities as a normal airline by faithfully implementing self-sufficiency plans under special arrangements such as sale. of the Songhyeon-dong site and the on-board sales and meal business. “Hanjin Kal and Korean Air management cut wages to share the pain of April this year.”

In addition, “profitability should increase through the creation of various synergies through integration such as the rationalization of en route operations, the joint purchase of maintenance materials, the internalisation of Asiana Airlines’ outsourced maintenance costs and the reduction of operating costs by sharing the work with ground operators. I think it is.”

/ news yunhap

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