Kumho Asiana, creditors to hold more turnaround talks

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Kumho Asiana, creditors to hold more turnaround talks

Published: 12 Apr. 2019, 19:54

Creditor banks and cash-strapped Kumho Asiana Group will hold more talks on the group’s additional self-rescue measures, the head of the financial regulator said Friday, a day after creditors rejected the conglomerate’s earlier plan.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks after nine creditor banks, led by the state-run Korea Development Bank (KDB), said Thursday that the logistics-centered business group’s self-rescue plan is insufficient to regain market trust, while calling for Kumho Asiana’s founding family to show sincerity in its appeal to save Asiana Airlines.

Asiana Airlines has been under pressure to strengthen its financial health amid deepening debt woes facing Kumho Asiana.

Asked by reporters what might happen next after creditors rejected the self-rescue plan, Choi replied, “I think that further process of consultations [with Kumho Asiana Group] will take place as creditors clarified their stance.”

Yonhap