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South Korea: Hyundai Development wins bid for Asiana

 |  November 12, 2019

South Korean builder Hyundai stated on Tuesday, November 12, its consortium has been picked as the preferred bidder for a controlling stake in Asiana Airlines and that the consortium would inject over US$1.7 billion into the debt-ridden carrier, reported Reuters. 

The deal would help the country’s No.2 carrier which is saddled with 9.6 trillion won (US$8.3 billion) debt, as it battles rising competition from budget airlines and falling tourism traffic to Japan.

“Asiana will achieve the industry’s top-class financial health (after the deal),” Chung Mong-gyu, Hyundai Development chairman, told reporters after the deal was announced. 

“We will make steady efforts to improve its competitiveness and corporate value by investing in new aircraft and services.”

Full Content: Reuters

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