government is pushing ahead with a plan to hand over Asiana Airlines to Korean Air.
It is noteworthy whether a super-large aviation group will be born, and there are not a few mountains to be overcome before it can be achieved.
Reporter Han Se-hyun reports.
After HDC Hyundai Development Company abandoned its acquisition of Asiana Airlines in September, the main creditor bank, Korea Development Bank, has been discussing and discussing its intention to acquire Asiana Airlines with Korean Air.
The government has not tried to deny the aviation industry restructuring plan.
[Gyu-sang Do/Vice-Chairman of the Financial Services Commission: To secure employment or to strengthen the competitiveness of related industries...
(The acquisition of Asiana Airlines) If it helps in various aspects, there is no reason for the government to refuse.] The Korea
Development Bank invested funds in Hanjin Kal through a paid-in capital increase, and Hanjin Kal bought a stake in Asiana Airlines owned by Kumho Industries. This method is strong.
When the acquisition is successful, the'two-top' system is broken 32 years after the establishment of Asiana Airlines in 1988, and a large aviation group with sales of KRW 15 trillion is created.
[Choi Woon/Korea Investment & Securities aviation researcher: It seems that unnecessary competition will be reduced. The (government) has to invest trillions of dollars in both national airlines.
.] In the
industry, there is even a plan to integrate the maintenance divisions of the two airlines into separate corporations.
However, there are many mountains to overcome.
First of all, a question mark is placed on the financial power of Korean Air to acquire and operate Asiana Airlines while the demand for aviation continues to decline due to the corona crisis.
If the creditors don't provide enough support, it could face a shared crisis after taking over Asiana Airlines with a debt of 12 trillion won.
[Hee-Young Heo/Professor, Department of Business Administration, Aviation University: How much policy financing will you put in when you take on a company (Asiana Airlines) sitting in a pile of debt? ]
Above all, it is also a variable that KCGI, the largest shareholder, who is having a management dispute with Chairman Won-tae Cho by buying more than 45% of Hanjin Kal's stake, is opposed to the acquisition.
As early as next week, the government will hold a meeting of ministers related to strengthening industrial competitiveness to formalize the acquisition.
(Video coverage: Yoo-hyuk and Kim Hak-mo, video editing: Park Ji-in)