Air Seoul, a South Korean low-cost carrier, has announced yet another postponement of its loan repayment to its parent company, Asiana Airlines. This marks the 18th extension of the loan’s maturity date since the airline first borrowed US$20.6 million in June 2020.
Korean Air CEO Woo Kee-hong is set to be promoted to vice chairman upon the completion of Korean Air’s corporate merger with Asiana Airlines. This promotion highlights the strategic importance of the merger, which aims to consolidate the two major South Korean carriers into a globally competitive airline. The merger process has been closely monitored by industry analysts and…
Air Incheon, South Korea’s dedicated cargo airline, has appointed Kim Kwan-sik as its new Chief Executive Officer (CEO). This strategic appointment aims to leverage Kim’s extensive financial expertise to facilitate the airline’s acquisition of Asiana Airlines’ cargo business, a move set to position Air Incheon as a leading player in the nation’s air cargo industry.
Asiana Airlines, based in South Korea, has announced plans to repay $976 million in loans from creditor banks earlier than initially scheduled. This significant financial move is expected to reduce the airline’s debt ratio by more than 1000%, marking a major step in its financial restructuring efforts.
Korean Air has announced its plan to complete the integration of Asiana Airlines within the next two years, following the successful acquisition of a 63.88% ownership stake in its subsidiary. This acquisition marks a significant milestone in Korean Air’s strategic expansion and consolidation in the South Korean aviation market.
Korean Air is set to officially finalize its acquisition of a controlling stake in Asiana Airlines (South Korea) today. This strategic move will see Korean Air invest $1.07 billion to purchase a 63.9% stake in Asiana through a third-party share issuance, marking a significant milestone in the consolidation of South Korea’s aviation industry.
Korean Air has announced the appointment of Song Bo-young, the head of its passenger business division, as the new CEO of Asiana Airlines, marking a significant leadership transition for the subsidiary.
Korean Air has cleared the final regulatory hurdle in its acquisition of Asiana Airlines (South Korea) by securing approval from the US Department of Justice (DOJ). With this milestone, Korean Air is set to finalize the transaction by 11 December 2024.
Air Incheon (South Korea) is set to amend its Air Operator’s Certificate (AOC) by March 2025. This strategic move comes as the airline prepares for the transfer of freighters from Asiana Airlines (South Korea), enhancing its cargo operations.
Jin Air (South Korea) is set to absorb Air Seoul and Air Busan, as the merger of their respective parent companies moves closer to completion. Jin Air, the largest subsidiary of Korean Air, will become a more dominant player in the domestic aviation market through this consolidation.
