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Regulator dismisses doubts about parent group's plan to sell Asiana Airlines

All Headlines 13:52 April 17, 2019

SEOUL, April 17 (Yonhap) -- The head of the financial regulator on Wednesday dismissed doubts about a pledge by former Kumho Asiana Group Chairman Park Sam-koo to sell the group's flagship Asiana Airlines Inc., saying that he is confident of Park's promise.

Earlier this week, Kumho Asiana submitted a fresh self-rescue plan to creditors, including the proposed sale of Asiana Airlines, in return for 500 billion won (US$440 million) in financial support.

The state-run creditor bank, Korea Development Bank (KDB), said Tuesday it will soon provide fresh liquidity to Asiana Airlines.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks amid some market speculation that Kumho Petrochemical Chairman Park Chan-koo, younger brother of Sam-koo, may buy the stake in Asiana Airlines.

"I have not the slightest doubt about the sincerity (of former chairman Park Sam-koo), and the decision should be respected," he said.

Asiana Airlines, the country's No. 2 airline, has been under pressure to strengthen its financial health amid corporate challenges facing the logistics-centered business conglomerate.

The KDB said it would take about six months for Kumho Asiana to complete the sale of Asiana Airlines.

Regulator dismisses doubts about parent group's plan to sell Asiana Airlines - 1

kdh@yna.co.kr
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