"Gott ist tot. But if humans don't change from what they are now, perhaps the caves where God's shadow drifts will continue to exist for thousands of years."

This is from the German philosopher Nietzsche's book Zaratustra said: Watching the Asiana Airlines acquisition process of HDC Hyundai Industrial Development (hereinafter referred to as HDC), I remembered Nietzsche's work again. The Kumho Asiana Group (hereinafter referred to as the Kumho Group), which existed as 'God', died, but his shadow seemed to have darkened the day before Asiana Airlines.


● "The possibility of giving up HDC's acquisition of Asiana Airlines increased."

It was on the 29th of last month that the dark shadow became darker. HDC Hyundai Development Company postponed the acquisition of Asiana Airlines indefinitely. It is already the third. The timing of acquiring stocks wasn't even concrete. Immediately, the voice of "HDC Hyunsan can abandon the acquisition of Asiana Airlines" began to burst.

Will HDC Hyunsan really give up on the acquisition of Asiana Airlines? From the conclusion, it can be said that "there is a great possibility" . It was not easy to report due to the nature of mergers and acquisitions under the highest security, but it was evident that the overall atmosphere was negatively flowing from the 'acquisition of the acquisition' to 'the abandonment of the acquisition'.

The official reason for HDC's delayed acquisition of Asiana Airlines is 'non-approval of corporate defect review'. It is necessary to complete a business combination examination in six countries operated by Asiana Airlines, but it has not yet been approved in Russia. Nevertheless, the market is not suspicious. It has already been approved by five countries, such as the United States and China, so if you are willing to take over, you don't have to delay taking stocks.

An analyst familiar with the aviation industry said, "When HDC is acting twice, it delayed but did not abandon the acquisition. It delivered a sign to the market that this was not the case." In addition"HDC Prefecture asked the creditors to change the terms of the acquisition, such as extending Asiana Airlines' repayment of loans and lowering interest rates, and it appears that it has revealed a message that if it is not accepted, it can abandon the acquisition," he explained. In a word, it is an analysis that "If you do not accept the new negotiation proposal, you can give up."

An official from Asiana Airlines, who is in charge of government-related affairs, said, "The price of the corona 19 has gone down in bankruptcy, and the price has gone down dramatically. Let's say, even if you pay 100 million won down payment, it is unconditional to give up the contract.


● Why did Asiana Airlines take over?

1. The root cause is that the market situation has deteriorated dramatically. Following the Japanese boycott last year, the corona19 crisis virtually closed the borders around the world. The entire aviation industry has reached the level of life by relying on oxygen respirators. The purchase price announced by HDC Hyunsan in November last year was 2.5 trillion won. If Corona 19 happened a little earlier, would this price be mentioned? I would never have said that.

2. The problem is not just external variables. There were unexpected variables inside Asiana Airlines. Asiana Airlines' financial structure was much worse than it was known. It is known that there were more contingent debts than expected, which are not recorded as debts right now, but are likely to become debts in the near future. It was as if I opened the door to operate a cancer patient, and cancer cells spread far more widely. It is said that the HDC current practitioners who were in the process of taking over were quite shocked.

3. Finally, the internal situation of HDC is also a problem. Mirae Asset Financial Group, which was involved in the acquisition as a financial investor with 500 billion won, was in a financial crisis . Mirae Asset is known to suffer from the recent decline in stock prices and the corona19 impact on overseas real estate investment. In fact, Mirae Asset recently canceled its contract to purchase 15 luxury hotels and resorts in the United States for 7 trillion won. There are a number of things, but the decisive reason was that the corona19 severely deteriorated the hotel industry market and made it difficult to recruit investors to finance the acquisition. HDC Hyunsan and Mirae Asset pursued the simultaneous acquisition of hotels and airlines because they expected synergies between the two industries. However, the airline is unlikely to look attractive in the situation of abandoning the acquisition of the hotel business.


● "The Hanwha Group also returned half of the performance deposit."

An official familiar with the acquisition of Asiana Airlines gave a meaningful statement. "In the past, the Hanwha Group had given up on the acquisition of Daewoo Shipbuilding & Marine Engineering. At that time, for nine years, the court filed a lawsuit and received more than half of the 150 billion won of security deposits (195 billion won). "If HDC Hyunsan gives up the acquisition of Asiana Airlines, it may not be able to blow all of its 250 billion won down payment."

In fact, HDC is known to have considered how much of the down payment can be refunded if the acquisition is abandoned. It has been reported that Asiana Airlines has prepared various logics to get some money back, such as "The Asiana Airlines' financial condition is very serious."

The securities company also recommended that it is necessary to reconsider whether or not to acquire Asiana Airlines in a very different situation from the past year. It is time to make a wise decision to increase corporate value . In short, from the viewpoint of HDC, it is desirable to reconsider the acquisition of Asiana Airlines. It is the point that deepens the worries of the government, which cannot leave the national infrastructure business as the foundation of the industry.

● "Shake it all the way to the end."

In this situation where the acquisition work has fallen into 'zero clock', what is the parent company Kumho Group doing? In conclusion, it's practically blank. In contrast to Korean Air's management difficulties, Hanjin Group is in the process of reviewing a self-draft plan worth 1.5 trillion won, including paid-in capital increase and land sale. This also deepens the concerns of HDC production.

An official from HDC, said, “We decided to take over Asiana Airlines' financial situation in June of last year. The debt increased by nearly 3 trillion won in the fourth quarter of last year. However, there is no explanation for this. It is expected, but there are no other self-help measures at the group level other than unpaid employee leave. ” In this situation, however , Kumho Group received up to 12 billion won of trademark use contract from Asiana Airlines. Criticisms followed, such as "I don't have a willingness to help myself at the group level," "I ate it well enough to the end," and "I ended up paying the group the money I left for forced leave."


● "I can't even afford to pay off the debt"… Kumho Group's Fall

The Kumho Group cannot understand this criticism. Nothing has changed. Why is that ? This is because the Kumho Group also has my nose right now. Asiana Airlines, including Asiana IDT and Air Busan, has passed all seven subsidiaries. Kumho Group, which was once the seventh in the business world, is pushed out of the 60th place. But these companies weren't sold on time and the funding crisis got worse.

In the beginning, Kumho Group planned to add KRW 302 billion in the sale of Asiana Airlines' shares to the group. However, the acquisition was delayed and we couldn't get the money in hand. The borrowings of the Industrial Bank, which had expired at the end of last month, could not be paid out. An official at the Kumho Group sighed, saying, "I have nothing to say to the situation where I borrowed money. I have to wait quietly for the disposal of the creditors."

This maturity of maturity was credited to the Kumho Express by creditors, including the Bank of Korea, in the sale of Asiana Airlines last year. It was a short-term loan to Kumho Express, the holding company of Kumho Group, in case Asiana Airlines would not sell . The Kumho Group's governance structure continues from 'Park Sam-gu's chairman to Kumho Expressway to Kumho Industry → Asiana Airlines', and if the Kumho Expressway loses control of the Kumho Industry due to the failure to pay back borrowings, the entire Asiana Airlines sale plan will be disturbed .

In conclusion, Kumho Group failed to pay back the borrowed money. It wasn't that there was a problem because it failed, but it failed because there was a problem. And the responsibility for the failure is bound to be asked to the CEO, CEO Sam-gu Park. Various controversies related to President Park. If you look at the ‘flight meal’, ‘Meet the flight attendant’, and inserting your former housewife as an executive, this failure may be inevitable. (※ Despite being severely criticized for being kicked out, Park received a total of 640,400,000 won from each affiliate, such as Asiana Airlines.)

● Even today,

the criticism from outside such as the Kumho Group's participation solidarity is darker than today . I extended this maturity again. It couldn't have defeated the national infrastructure industry of aviation without measures. Thanks to that, the Kumho Group extinguished the fire immediately. Nevertheless, financial difficulties remain. As of last year, Kumho Express's cash and cash equivalents were only 21.9 billion won. Assets such as Mokpo Terminal and Daejeon Terminal are also held as collateral for bonds. Is that it is not deservable.

The number of passengers at the Kumho Expressway decreased due to the corona 19. In February, the number of users was 1125,000, which was half that of the previous year's 2.16 million. The situation is even worse since March. The only hope is Kumho Industries, a subsidiary of construction companies. After all, it is a situation that somehow has to sell Asiana Airlines. If not, there is not much analysis that the entire Kumho Group will stumble. In this regard, Asiana Airlines is not targeted for Kumho Group but must be sold quickly.


● "We must also conquer his shadow."

"It's very unfortunate from a person's point of view to know someone well-to pretend to know him well." This is a verse from Kim Seung-ok's short story, 'The Mujin Journey.' From the perspective of Kumho Group, especially Park Sam-gu, this article may seem so unfortunate.

Nevertheless, as I watched the Asiana Airlines acquisition process all the time, I had to ponder whether Kumho Group was qualified to manage the national infrastructure industry called aviation. At the same time, it was inevitable to ask what kind of efforts the Kumho Group and Chairman Park Sam-gu are doing to prevent the collapse of the national infrastructure industry.

In such a situation, the news of President Park Sam-gu's receipt of a large amount of severance payments caused laughter . For President Park, Asiana Airlines wasn't the 'object of responsibility' but 'the object of making simple money', but I doubt it. The sale of Asiana Airlines in a “warm air stream” may be an inevitable result.

Nietzsche said. " God is dead, but if humans don't change from what they are, perhaps the caves where God's shadow drifts will continue to exist for thousands of years. We must conquer his shadow as well."

Are we really conquering the 'his shadow' over the national key industries today? People and history are being questioned.