As Kumho Industrial notified Hyundai Development Company of the cancellation of the Asiana Airlines merger and acquisition agreement today (11th), the sale of Asiana Airlines was canceled after 10 months of negotiations.
The government and creditors held a meeting today and decided to provide emergency assistance to the infrastructure stabilization fund of 2.4 trillion won to normalize the business of Asiana Airlines.
It is managed by creditors for the time being and plans to re-sell when market conditions improve.
It is expected that Hyundai Development Company will file a lawsuit to get back the down payment of 250 billion won.