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Kumho Petrochemical has publicly opposed the capital reduction plan, saying the major stakeholder should take bigger responsibility for the company's current situation by giving up more shares than other shareholders. For more news about the novel coronavirus click here. Stay ahead with our exclusives on Asia; the most dynamic market in the world. Asiana Airlines has successfully transported Korean-made coronavirus vaccines from Incheon to Moscow, the company said Tuesday. The share capital reduction plan slashes Asiana's capital to 372.1 billion won from 1.1 trillion won, and its total number of shares will fall to 74.41 million from 223.2 million previously. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. Han said that all executives, including himself, have requested to resign to share the burden of the company’s difficult business situation, as part of a self-rescue plan to dramatically “cut down anything that is not related to boosting the company’s profitability.”. A labor union of pilots said that they agreed for all pilots to take 15 days of leave and return 50 percent of their bonus pay. Nikkei Inc. No reproduction without permission. The proposed takeover was initially met with concern, as experts worried that Asiana's heavy debt load could spill over to Korean Air. Star Alliance Hygiene Safety Commitment. READ: Commentary: Novel coronavirus … Kumho Industrial is the largest shareholder of Asiana with a 30.77% stake. We are waiving reissue fee up to 2 times for all international routes Book ahead and travel seamlessly! South Korean aviation fears a profound impact to Korean Air and Asiana Airlines if the United States bans or limits flights as coronavirus cases continue to … By continuing, you are agreeing to our use of cookies. One-third of aviation routes have closed since Covid-19 decimated … Also, I am traveling with a child. To find out more, please click this link. This content was commissioned by Nikkei's Global Business Bureau. Shares of Asiana closed down 10.96% to 4,470 won on Monday. HDC will officially grab control of the air carrier’s business from late April. I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. SKYTRAX 5-Star Airline 13 Consecutive Years(2007-present) In September, Asiana's creditors -- the KDB and the Export-Import Bank of Korea -- decided to end a drawn-out deal to sell Asiana to a consortium led by HDC Hyundai Development Co. over differences over terms of the deal amid the extended COVID-19 … CAPA publishes more than 400 global News Briefs every weekday, covering all aspects of the aviation and travel industry. Answer 1 of 200: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. SEOUL — Korean full-service carrier Asiana Airlines said Tuesday that all executives, including the CEO, have offered to resign to improve the company’s financial health, which has been severely hurt by the latest outbreak of the coronavirus that has cut into aviation services. In a statement, Hanjin said the deal to acquire Asiana will “stabilize the Korean aviation industry, which is suffering from the COVID-19 pandemic.” “The company made the decision to help the country’s airline industry continue to grow (amid uncertainties) and minimize the injection of public funds (into Asiana),” Korean Air Chairman Cho Won-tae said in a statement . SEOUL: South Korean flag carrier Korean Air said Monday it will buy out its smaller, troubled rival Asiana Airlines in a $1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic. We use cookies to ensure you get the best experience on our website. According to the air carrier, Russian-developed Sputnik V vaccines were delivered to Russia twice on Friday and then once on Tuesday. Failure to approve the motion would have left the airline facing the prospect of having to inject even more money into Asiana to pay back its debt. (Only 1 can be used per ticket, and cannot be applied to additional itineraries after being applied to a one-way ticket.) The airline, like many around the world, has been hard hit by the coronavirus pandemic and resulting travel restrictions. Don't miss out on the latest news and information. In a letter sent to Asiana employees, the air carrier’s CEO Han Chang-soo said that the company has activated an emergency business management due to the crisis following the epidemic outbreak. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s resurgence. Sign up to our newsletters to get our best stories delivered straight to your inbox. Not only that, the company said it will activate 10 days of unpaid leave for all employees, including ground crew, cabin crew and maintenance workers, to minimize the workforce following the reduction of its China routes. Korean Air says it will acquire Asiana Airlines for $1.62 billion in a major restructuring of the Korean aviation market as the global coronavirus pandemic batters the industry worldwide. SEOUL -- Shareholders of Asiana Airlines on Monday approved a 3-to-1 share capital reduction plan, paving the way for rival Korean Air Lines to buy the debt-ridden carrier. Move smooths the way for takeover by rival Korean Air Lines. To help finance the deal, Korean Air plans to sell up to $2.25 billion worth of shares early next year. CAPA News Briefs. Get trusted insights from experts within Asia itself. The deal combining South Korea's two biggest airlines comes as carriers around the world struggle with low demand, haemorrhaging cash and grounding … It’s the most comprehensive source of market intelligence in the world, with around 50 per cent of content translated from non-English sources. Korean Air confirms plan to buy troubled Asiana Airlines for US$1.6bn. Shareholder approval of the plan, however, means Korean Air will have a lighter burden after the acquisition. SEOUL: South Korean flag carrier Korean Air said Monday it will buy out its smaller, troubled rival Asiana Airlines in a $1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic. The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. The Asiana … The vote comes as the South Korean government seeks to engineer a deal by which Korean Air will take over Asiana to create a single national flag carrier. This is only applicable to Asiana Airline flights provided by Asiana Airlines, and is not applicable to Star Alliance mileage tickets. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s … The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. Kumho Industrial is the largest shareholder of Asiana with a 30.77% stake. Asiana Airlines CEO Han Chang-soo (Asiana Airlines). The information below is intended to provide minimal information on the status of the country-specific entry restrictions related to COVID-19, and does not guarantee the departure/entry of passengers. “Their resignation illustrates how firm the company is devoted to execute all-out effort to save cost,” an official told The Korea Herald. The deal combining South Korea’s two biggest airlines comes as carriers around the world struggle with low demand during the coronavirus pandemic; Asiana … The airline, like many around the world, has been hard hit by the coronavirus pandemic and resulting travel restrictions. HDC, a mid-sized builder, gave up on buying Asiana in September as the coronavirus pandemic devastated the airline industry. 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Please review our Meanwhile, Asiana’s new owner HDC Hyundai Development Company said that despite the latest struggles, there will be no change in its plan to acquire the company at 2.2 trillion won ($1.85 billion). To save costs, the company will further cancel or minimize the planned events, including the company’s 32nd celebration of the founding day and the reward bonus for celebration, Asiana said. South Korea’s two biggest airlines plan to merge, with Korean Air Lines Co. acquiring Asiana Airlines Inc. for 1.8 trillion won ($1.6 billion) following an injection via its parent, Hanjin Kal Corp. "Once Korean Air completes its acquisition of Asiana Airlines, the airline is expected to be ranked as one of the top 10 airlines in the world." "Once Korean Air completes its acquisition of Asiana Airlines, the airline is expected to be ranked as one of the top 10 airlines in the world." Asiana Airlines Inc. could follow suit with an ... or collapsing altogether because of the impact Covid-19 has had on travel. HDC, a mid-sized builder, gave up on buying Asiana in September as the coronavirus pandemic devastated the airline industry. Kumho Petrochemical, the second-biggest shareholder with an 11.02% stake, was absent from Monday's shareholders meeting. to learn how you can update your cookie settings. Due to the latest outbreak of the novel coronavirus that is believed to originate in Wuhan, China last month, Asiana Airlines has reduced 79 percent of its China routes and 25 percent of flights to Southeast Asian countries. South Korea's Asiana Airlines is struggling to weather the coronavirus pandemic. © Getty Images, Korean airline merger faces debt burden and antitrust concerns, Korean Air's Asiana deal hits turbulence as stakeholder objects, Korean Air to take over Asiana in $1.62bn deal backed by Seoul, Asiana Airlines shares jump as Seoul considers sale to Korean Air, South Korea's airline M&A left adrift by the pandemic. Asiana Airlines flight 729 departed the gate at Seoul Incheon international airport on schedule at 10:10 a.m. on Saturday, and a few minutes later took off … Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. In the interest of the safety of customers, Star Alliance member airlines have agreed to a common set of health and hygiene safety measure. 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