Creditors' plan to sell debt-laden Asiana Airlines to its bigger rival Korean Air faces a bumpy road as a local equity fund has filed an injunction against the plan, according to a report by Yonhap News. On 17 November, Asiana's main creditor, state-run Korea Development Bank (KDB), signed an investment agreement with Korean Air's parent holdings company Hanjin KAL to inject 800 billion won (US$723 million) into Hanjin KAL through a rights offering and convertible bonds. Hanjin KAL will then … [Read more...] about Nutty business: Korean Air’s Asiana buyout plan to face injunction
Korean Air Lines
Korean sees crude prices at US$75/bbl in ’09
Korea Air Lines, the world's largest cargo airline, said it expects US crude oil prices to average US$75 a barrel in 2009, down from US$99.75 a barrel in 2008. As a result, the country's two carriers, Korean Air and its smaller rival Asiana Airlines said last week they would abolish fuel charges for Korea-outbound international passenger flights from 1 March to 30 April, but Korean Air said surcharges on cargo will remain at 30 won (US$0.22) per kilometre, the lowest level of fuel charges … [Read more...] about Korean sees crude prices at US$75/bbl in ’09
Korean sees crude prices at US$75/bbl in '09
Korea Air Lines, the world's largest cargo airline, said it expects US crude oil prices to average US$75 a barrel in 2009, down from US$99.75 a barrel in 2008. As a result, the country's two carriers, Korean Air and its smaller rival Asiana Airlines said last week they would abolish fuel charges for Korea-outbound international passenger flights from 1 March to 30 April, but Korean Air said surcharges on cargo will remain at 30 won (US$0.22) per kilometre, the lowest level of fuel charges … [Read more...] about Korean sees crude prices at US$75/bbl in '09