United Kingdom
United States
Asia Pacific
Preferred bidder trying to renegotiate Asiana Airlines deal
South Korean firm Hyundai Development Company is reportedly trying to renegotiate terms on a planned stake purchase of Asiana Airlines.
HDC along with partner Mirae Asset Daewoo was given preferred bidder status last year before the Covid-19 pandemic.
The deadline has since passed due to the pandemic.
According to local media reports it wants to renegotiate the deal as Asiana’s debt has increased significantly since then.
The original deal was worth about $2 billion for a 31% stake.
It is thought Asiana’s total debt is now about $11 billion.
According to the Korea Times, Asiana’s creditors are willing to engage with HDC over new acquisition terms.
"HDC needs to propose what acquisition terms it wants to be changed first before related parties begin talks over the deal," said main creditor, state-run Korea Development Bank.
The pandemic has led to several failed travel industry takeover transactions, with some leading to lawsuits, and several more being renegotiated.
An affiliate of Mirae was sued by China’s Ambang Insurance for failing to close a $5.8 billion deal to purchase a portfolio of luxury US hotels.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel