“We will reorganize the aviation industry while maintaining the principles of restructuring”

[뉴스토마토 최홍 기자] On the 26th, the Korea Development Bank reiterated that “a plan is being promoted to integrate the two major airlines while maintaining the three restructuring principles”. The three principles of restructuring involve the responsible role of major shareholders, the sharing of pain among stakeholders, and the preparation of sustainable standardization measures.

“President Won-tae Cho (affiliated title) has provided all of his stake in Hanjin Kal as collateral for the breach of the investment agreement,” San Eun said, and said, “We have decided to withdraw from the front line of management in case of lack of integration promotion and management performance “. The holdings provided by President Cho as collateral is a total market price of 275 billion won. Taking into account the amount of debt already provided as collateral, the real value of the collateral is approximately 170 billion won.

KDB said: “Through the Ethics Management Committee, we will oversee the ethical management of Hanjin Kal, its major affiliates and its affiliates and recommend the implementation of necessary measures.” I did, “he explained.

“The merger and acquisition is done by raising funds from the acquisition company, not the main shareholder,” he said.

“Through management evaluation, etc., it is possible to take measures such as disposal and recall of guaranteed stock if the management performance of the affiliates is insufficient, so that they can faithfully play a role of control and monitoring. In view of this, the same standardization measures as applied to general restructuring companies should not be applied. “The general restructuring and normalization measures referred to by KDB include free reduction, conversion to the lender’s investment and the implementation of self-sufficiency plans.

“Hanjin Kal and the management of Korean Air have been cutting wages to share the pain since last April.” I’m doing it. “In fact, affiliates are cutting wages by 50% from Hanjin Kal and Korean Air. Korean Air has 9,800 employees taking paid vacation per month. Asiana Airlines is taking 2600 paid vacation per month and 5600 unpaid vacation. per month.

“Korean Air and Asiana are in urgent need of funding, as Korean Air and Asiana’s debt-to-GDP ratios reached 737% and 2,432%, respectively, at the end of the third quarter, and both companies’ shortage fund is expected to reach 4.8 trillion won next year. Based on the integrated synergy through the capital increase, we have secured a fundraising base worth 2.5 trillion won from the capital market. “

KDB said: “As the capital market is expected to increase business value in the future through the synergy of the two companies, it is possible to promote an early capital increase.” It’s not easy, “he said.

Finally, “once integrated, there will be a series of synergies 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 work with ground workers “. We believe the win-win effect will be exceptional. “

Reporter Choi Hong [email protected]

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