Chairman Lee Dong-geol: "Asiana Airlines, Both Full Sale and Separate Sale Are Difficult"

[Asia Economy Reporter Kangwook Jo] Lee Dong-geol, Chairman of the Korea Development Bank, stated on the 28th regarding the restructuring of Asiana Airlines, "Raising corporate value is the top priority right now."

At an online press conference that day, Chairman Lee commented on the sale plan of Asiana Airlines, saying, "At present, both a full sale and a split sale are difficult," and added, "We will soon conduct external consulting and review various options before considering a future sale."

He expressed regret over the collapse of the deal with HDC Hyundai Development Company.

He explained, "We judged that Hyundai Development Company had no intention to acquire, and in such a situation, we could not leave Asiana Airlines hanging, so we decided to proceed with stabilization efforts in earnest," adding, "Although I am very sorry that the deal with Hyundai Development Company fell through, we decided to prevent further damage to corporate value amid ongoing uncertainty."

Chairman Lee said, "In the case of Asiana Airlines, forcing cost burdens and pain-sharing could damage long-term value, so we will first find an appropriate balance of pain-sharing," and added, "Once conditions improve, we will proceed with either a full sale or a split sale."

He mentioned that he will soon meet with the Asiana Airlines labor union for an open and frank discussion.

Chairman Lee emphasized, "We will meet directly to discuss how labor, management, and creditors can unite to make Asiana Airlines a sound company."

Regarding the lawsuit for the return of the 250 billion KRW deposit from Hyundai Development Company, he said, "I hope this matter will be resolved quietly and amicably."

He stated that it is understood that HDC Hyundai Development Company has not taken any legal actions such as lawsuits. He also mentioned that there has been no contact from HDC Hyundai Development Company since the no-deal.