It was HDC modern industry development (hereinafter referred to as'HDC production') that actually sent the'last ultimatum'. On the 26th, Kumho Industries and Asiana Airlines, which have been negotiating for the acquisition, sent a letter saying, "Please let me do another due diligence for the next 12 weeks." The reason was simple. In short, "I can't believe you."

At the end of last year, we additionally identified KRW 2.88 trillion in debt, but without the consent of the prospective takeover, the creditors borrowed KRW 1.7 trillion, and we should carefully reassess the unfair support of affiliates related to in-flight meals and the loss of investment in the Lime Asset Management private equity fund. Will. Easy to say, before the final sale agreement was signed on the home Mi spirit is far much more mess dwaetneunji I should report directly determined .

In response to this, the aviation industry said, "Write'existing salary' and read'Give up' ." Heohuiyoung Korea Air Force professor "OK Chung Mong-gyu HDC only the president and yidonggeol Industrial Bank President met, ipjangcha and there was no progress. It hagetdaneun re-inspection in this situation shaved the price is very unconventional, or Or seems intention to declare the argument Musan called" Analyzed.

However, in fact, an official from Hyunsan HDC, who met in the interview process in April, said something meaningful to me."It's hard to believe in them (Kumho Industry and Asiana Airlines). Many things are (negatively) changing, but we don't know too much. We don't even know what we don't know. I think we should think about exit strategies."

This is what these HDC officials said. 'We decided to take over Asiana Airlines based on the financial situation in June last year. But since then, the debt has increased by several trillion won. This is why he bought a'poor company' that was only a shell in fact. Nonetheless, Chairman Park Sam-gu and Kumho Industrial do not even properly explain, rather than prepare a self-help plan. So I can't trust them.' Perhaps HDC prefecture at that time already had the word'unacceptable' in mind.

● "I don't stand it anymore."


Kumho Industry was no longer tolerated. It was immediately returned to HDC, saying, "You can cancel the contract after the 12th of next month." After the Russian government's business combination examination was completed, all the prerequisites were met. If this is not observed, it is inevitable to cancel the contract.

A senior official at Asiana Airlines said, "I didn't pay the balance, but I couldn't give away the key to the place. Meanwhile, HDC was deliberately choosing'strategic silence'. I think we were exhausted and waited for the contract to be shouted first." "You would have wanted to pass on the responsibility of breaking the negotiations to us."

An analyst with a aviation-savvy securities firm said, “Although there has been a lot of time, HDC production has been very passive even with the creditors. If you die, the chairman of the Industrial Bank of Korea said,'Do you love, are you a letter?' As the Kwangho and Kumho industries became desperately hungry, HDC production became more relaxed, and from that point of view, it should be said that it is not a willingness to take over , which is now demanding a re- examination, but rather a'willingness to live in.' I think I chose it. "

● "We won't let you die."


Such background turned in a tough position Kumho Industrial has a strong belief that 'creditors will not just let us die " . 'Hemp', a group of horses and a group of people, is the so- called'Daema Buddhism' belief that they have a way to live and do not die easily . It is difficult for the government to handle the hiring and industrial aftermath that will occur when Asiana Airlines falls, so it is certain that it will save somehow.

In fact, Asiana Airlines has more than 10,000 direct employees. Considering how big a job bankruptcy's employment was at 1,500, you can guess how big you are. If you consider subcontractors that are affiliated with affiliates, the destructive power that will arise not only in employment but also in industrial terms will increase beyond your imagination.

In fact, Finance Chairman Eun Sung-soo attended the National Assembly and said, "If Asiana Airlines' acquisition is canceled, it is possible to provide support through the National Stabilization Fund." Earlier, Byung-Doo Son, Vice-Chairman of the Financial Services Commission, said, "We are negotiating for all possibilities, including nationalization." Somehow, even if you attach an oxygen respirator, you have no choice but to extend your life. The government already supports Asiana Airlines with 1.7 trillion won and 500 billion won permanent bonds.

A senior official from the creditors said, "It is a'lease aircraft' borrowed by 52 of 82 Asiana's aircraft. This rental cost is only 500 billion won a year. If the acquisition is canceled, overseas leasing companies that have borrowed the aircraft right now will request a return. "It will complicate things. We will have to put in enough money to alleviate their distrust and stabilize our management to some extent."


Experts also explain that the acquisition of Ms. Park, former president of Kumho Asia, may not be a bad choice. It is a burden to improve the financial structure of the group by not receiving the sale price of the shareholders right away, but on the contrary, it will open the way for government funding without selling Asiana Airlines. In other words, it is possible to receive more taxes paid by the people.

● The realistic alternative is'nationalization'… The probability of success is'lean' In

this situation, the only option given to the government is'nationalization' . If you convert 800 billion won of Asiana Airlines permanent bonds held by Industrial Bank and Export-Import Bank into stocks, you can become the largest shareholder with 37% of Asiana Airlines shares. Once the government takes over Asiana Airlines like this, it is a plan to sell again when the market situation improves.

The cost of attaching oxygen respirators and ringers to Asiana Airlines is, of course, the'national tax'. So, there is concern that Asiana Airlines will become the second Daewoo Shipbuilding & Marine Engineering right now. Daewoo Shipbuilding & Marine Engineering has been receiving tax support from industrial banks for over 20 years. Of course, nationalization makes it difficult to expect a better future. Professor Hwang Yong-sik of Sejong University's School of Business Administration warned, "Even in the case of British Airways and Thai Airways, there have been few successful cases among globally nationalized airlines.

'Resale' is a bigger homework. This is because virtually no company will buy a bad company with a debt ratio of 6,281%. Asiana Airlines' debt size soared from KRW 9,589.8 billion in late June to KRW 12 trillion in December. In addition, operating loss in the first quarter of this year was -208 billion won. The deficit increased significantly more than -11.1 billion won in the same period last year. Moreover, considering that the aviation market is the worst with the Corona 19, even if it is sold, the creditors have no choice but to contract. This means that more national taxes are required.

● "I had a sweet dream."

One deep autumn night, a disciple waking up was crying.
The teacher who saw the figure was surprised and asked the disciple.
"Did you have a scary dream?"
"no."
"Have you had a sad dream?"
"No. I had a sweet dream."
"But why are you so sad?"
The disciple wiped away the flowing tears and said last.
"Because that dream cannot be fulfilled."

It is an ambassador from the movie'Sweet Life'. Paradoxically, a sweet dream that cannot be fulfilled. The dream of running a national airline and flying in the sky nicely. The dream of rebuilding a group by selling broken companies expensive. These dreams are now becoming'sweet dreams'.


Inability to attack without seeing the danger at hand . Molchimchi, who managed to sell 6,600,000 won, rather than appearing as a private company, despite poor management to sell core affiliates . And in the process, it is irresponsible not to look back enough on the country and the people . It is awkward and uncomfortable to add the word'manager' to such people, as if the trot singer Hyun-cheol sang with Kyung-ho Kim's shout.

Lee Chang-min, Hanyang University professor "with the support conditions shall be made a lexical efforts of companies such as governance improvement and usually while enjoying the benefits as a shareholder, jeongjak company replaced the practice is not to be held liable when the face of the crisis" was highlighted as . Shame is also the intention to bloom again with an institutional pledge that does not repeat shame. The people are watching this mud-fighting fight, marked by incompetence, irresponsibility, and “mottlement”.