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Asiana parent, Kumho Asiana Group, meets with creditors on debt restructure options

31-Dec-2009 11:28 AM

Kumho Asiana Group, parent of Asiana Airlines and Air Busan, has reportedly met with leading creditors on ways to restructure debt at two of its 48 companies, Kumho Industrial and Kumho Tire (CNBC, 29-Dec-2009). As part of this, the company has also agreed to sell a controlling stake in Daewoo Engineering & Construction Co for KRW2.9 trillion (USD2.5 billion) to its main creditor, Korea Development Bank, while Asiana Airlines and Korea Kumho Petrochemical Co will also discuss ways of improving their finances with creditors (Bloomberg, 30-Dec-2009).