"Full Effort to Overcome the COVID-19 Crisis... I Will Take the Lead Myself"
"Difficult to Respond at the Level of a Single Company or Industry Group" Actively Appeals for Government Support
[Asia Economy Reporter Yu Je-hoon] Cho Won-tae, Chairman of Hanjin Group, said on the 29th, "Hanjin Group will now embark on a new start with a renewed spirit, heeding the will of the people," adding, "We plan to concentrate all our capabilities along with all employees to overcome the crisis caused by the novel coronavirus infection (COVID-19)."
In a statement released that morning, Chairman Cho said, "Korean Air, as the national airline representing the Republic of Korea, will take the lead in overcoming this difficult situation. I will lead by example and devote all my efforts," he stated.
At the 7th regular shareholders' meeting of Hanjin KAL held on the 27th, Chairman Cho was reappointed as an inside director with 56.67% approval. With this, he secured management rights by winning the first round against former Korean Air Vice President Cho Hyun-ah, private equity fund KCGI, and Bando Construction.
Regarding this, Chairman Cho expressed, "I deeply thank the shareholders who have shown unwavering trust in the current management and various related organizations," and added, "I sincerely thank all the group employees who supported us with one heart and one mind, as well as the labor union officials who contributed their strength based on the spirit of coexistence despite the difficult circumstances."
He continued, "However, I have a task more important than anything else right now," emphasizing, "Now is the time for all employees to devote their full efforts to overcoming COVID-19."
Chairman Cho also explained, "The aviation industry is facing an unprecedented major crisis due to COVID-19," and added, "In the case of Korean Air, more than 90% of aircraft are grounded, indicating a severe situation."
He also announced plans to establish future self-help measures. He emphasized, "We will also undertake painful self-help efforts," adding, "Along with the sale of idle assets, we will create an opportunity to further strengthen the company's structure through consultations with the board of directors and additional capital expansion."
He appealed for support from the government and related organizations. Chairman Cho said, "The crisis caused by COVID-19 is difficult to overcome by the efforts of a single company or industry alone," and earnestly requested, "We sincerely hope the government will actively support beyond the company's self-help efforts."
Chairman Cho concluded, "Once the business environment normalizes, we will dedicate ourselves more to the nation and the people based on our sense of duty as a key national industry," and stated, "We will become a company that gives back more to society with a sense of indebtedness for the help we received to overcome this difficult situation."
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