17-Sep-2020 8:40 AM

Korean Air develops USD950m loan plan for Hanjin International Corporation

Korean Air announced (17-Sep-2020) it developed a loan plan valued at USD950 million for its subsidiary Hanjin International Corporation (HIC), comprising USD900 million to repay HIC's debts and USD50 million to fund operations. Korean Air will receive a USD300 million load from the Export-Import Bank of Korea in late Sep-2020 and will loan the full amount to HIC. The measure is aimed at offsetting the impact of COVID-19 related reduced demand for hotel accommodation and leasing of office space on HIC. [more - original PR - Korean]

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