Owners of Kumho Asiana Group, parent of Asiana Airlines, have rejected a demand by creditors that they offer their shareholdings and assets as collateral for fresh loans, according to a report in the Korea Times. All restructuring steps would now be put on hold, with reports that key parts of the group could be put under court receivership.
The Korea Herald reports creditors, including the Korea Development Bank, will hold a meeting as early as today and could move to take over management of Kumho Asiana Group from its founding family.
Creditors put Kumho Industrial and Kumho Tire under the debt repayment program on 07-Jan-2010, while Kumho Petrochemical and Asiana Airlines voluntarily signed agreements to undergo self-restructuring plans shortly after.
Asiana Airlines’ shares slipped a further 4% on Friday, while Air China and Qantas dropped 3.8%.
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Asia Pacific selected airlines daily share price movements (% change): 05-Feb-2010
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