KCGI (Strength Wealth Fund) opposes Hanjin Kal’s acquisition of Asiana Airlines … “Concerns about damage to customers and loss of shareholders”

Input 2020.11.13 12:09

On the 13th, the private equity fund KCGI (strong fund), which confronted President Cho Won-tae about the management rights of the Hanjin group, Hanjin knife (180640)of Asiana Airlines (020560)He announced that he was opposing the takeover theory, saying, “It could lead to damage to customers and the loss of shareholders and creditors.”

KCGI said in a statement titled “Hanjin Kal’s Position on the Acquisition of Asiana Airlines”, “I have reasonable doubt that this is a measure to preserve the current management position while ignoring the rights of other shareholders.”

KCGI said: “The incorporation of Asiana Airlines, which is experiencing the worst financial crisis in the Hanjin Group, with no concrete concerns about synergies and industrial values ​​is due to customer damage such as employee employment and aviation safety issues, and losses for shareholders and creditors. It can lead, “he said,” will have to go through sufficient review and a transparent consultation process. “

“Hanjin Kal can secure more than KRW 1 trillion in financing through the exercise of new share rights and the sale of non-essential assets that have already been issued.” “At the moment, the companies that need external financing are not Hanjin Kal. Korean Air (003490)“I pointed out.

KCGI said, “As the current largest shareholder of Hanjin Kal, we kindly request a thorough dialogue, including meetings with creditors, government authorities and Hanjin Kal’s management.” “I am ready to review all ideas for the plan with an open mind.”

Meanwhile, Korea Development Bank is considering investing funds in Hanjin Kal through a paid capital increase method assigned to a third party and Hanjin Kal’s acquisition of Asiana Airlines’ Kumho Industries shares (30.77 %).