Yonhap News TV



[ad_1]

“Why capital increase?” Launch of the judicial review for the integrated method of the two main airlines

[뉴스리뷰] [앵커]

Korean Air’s acquisition of Asiana, promoted by the Korea Development Bank, met the first moment.

The court’s review of the interim injunction application has begun, which was filed saying the KDB’s method of applying was not legal.

Journalist Jo Sung-mi pointed out the problem.

[기자]

The way Korea Development Bank helps Korean Air take over Asiana Airlines is to invest KRW 500 billion in purchases of KRW 300 billion in exchangeable bonds and the capital increase of Hanjin Kal, the holding company.

As a state-owned bank, it can also lend money to Hanjin Kal or Korean Air for restructuring, but the reason for choosing a rights offering to a company competing for capital is a big deal.

The question is, if Saneun secures a 10.66% stake in Hanjin Kal through this method, it will become an alliance of President Cho Won-tae, who is fighting for management control.

Tripartite alliances such as KCGI, a private equity fund in dispute with President Cho, have filed an interim injunction arguing that this would violate the interests of existing shareholders, and Seoul Central District law has entered the review.

The admission difference on both sides is stark.

After the merger, KDB stressed that investing in common stock accompanied by voting rights is necessary for post-consolidation oversight and controls.

On the other hand, the trilateral coalition is addressing government-owned bank support as an interference with management rights beyond management oversight, saying it is the right way to borrow funds or acquire preferred stock. without voting rights.

There is also criticism that the method of deducting all Asiana Airlines shares at the same rate and delivering it to Korean Air is an inappropriate method for not holding Asiana family members responsible for large-scale insolvency.

It has been said that there is no reduction in manpower in the integration process, but there are no other collateral, and the anxiety of empty guarantees in the crown crisis is also prevalent in both unions.

The court decision on this issue is expected to come out as early as the second half of the week and later at the beginning of next week.

This is Yonhap News TV.

Yonhap News TV article inquiries and reports: katok / line jebo23

(End)

[ad_2]
Source link