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A yacht in Wangsan marina Photo Korean Air
Korean Air sells its subsidiary Wangsan Leisure Development. This is to increase capital amid a liquidity crisis caused by the consequences of the new coronavirus infection (Corona 19).
According to industry sources on the 29th, Korean Air signed an MOU with Kansus and Mirae Asset Daewoo in the middle of this month to sell Wangsan Leisure Development.
Wangsan Leisure Development is the operator of Wangsan Marina, a marine leisure facility in Yeongjong-do, Incheon, completed in 2016. Korean Air owns 100%. The selling price is 130 billion won and the contract is expected to be completed in the first quarter of next year.
Korean Air plans to secure another KRW 41.9 billion by selling idle assets such as a house in Yeon-dong, Jeju.
Korean Air previously sold its in-flight meal and on-board duty-free business for 9906 billion won and is implementing its self-help plan by securing a fund worth 1.127 trillion won through a paid raise. .
However, there is a conflict with the city of Seoul over the sale of the site to Songhyeon-dong, causing some setbacks in self-help plans. Korean Air hopes to sell the Songhyeon-dong site for at least 500 billion won, but no deal has been reached with the Seoul metropolitan government. Korean Air is in a position that the sale of the Songhyeon-dong site is part of the voluntary measures to be implemented within the next year.
Reporter Bae Jae-seong [email protected]
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