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Asiana deal at critical juncture, leaning toward collapse

August 9, 2020

Creditors of embattled Asiana Airlines Co. are drawing up a set of countermeasures against the potential rupture of a deal to sell the country's No. 2 carrier, as local property developer Hyundai Development Co. is leaning toward withdrawing from the 2.5 trillion-won (US$2.1 billion) deal, industry sources said Sunday.

The state-run Korea Development Bank (KDB) last week warned that HDC should proceed with the deal to buy Asiana Airlines, rejecting HDC's request for another round of due diligence on the country's No. 2 air carrier.

 

Korean Air, Asiana log earnings surprises on cargo flights as global rivals record losses

August 7, 2020

Korean Air Lines Co. and Asiana Airlines Inc. have bucked the global trend of the devastating aviation industry and made rare quarterly profits, as they focused on cargo flights, defying the coronavirus travel slump.

Asiana Airlines Inc. on Friday joined its bigger local rival Korean Air Lines Co. to report an earnings surprise. In a regulatory filing, the country’s No. 2 carrier said it delivered an operating profit of 115.1 billion won ($96.9 million) in the second quarter, ending six straight quarters of losses. Sales fell 45% on year to 818.6 billion won.

Jeju Air could take $15m hit from cancelled Eastar Jet deal

August 6, 2020

Jeju Air may have scrapped plans to acquire a majority stake in Eastar Jet, but it could still take a further W18 billion ($15 million) hit to its bottom line.

“The [stock sale] contract was cancelled after the settlement date [lapsed], but the [advance payment of W11.95 billion was made to] the seller (Eastar Holdings and two others) and [external auditors are currently reviewing] the proper accounting of [a W10 billion] loan [extended] to Eastar Jet,” Jeju said in a 5 August stock-exchange disclosure of its unaudited second-quarter results.

Korean Air to revamp website and mobile platforms with Amadeus’s Digital Experience Suite

July 23, 2020

Flag carrier Korean Air is to revamped its website and mobile platforms supported by leading European GDS and technology supplier Amadeus. As part of an expanded partnership the airline will use the Amadeus Digital Experience Suite (DES) as it prepares for a post pandemic world.

South Korea’s Aero K Partners with Skytrac on A320 Cellular Connectivity

July 21, 2020

Aero K Airlines, a low-cost startup carrier based in South Korea, has entered into a partnership with Skytrac Systems to enable global mobile data coverage to its fleet of Airbus A320s operated on domestic and international flights. The airline is the final stages of obtaining an aircraft operating certificate with plans to begin domestic flights from Cheongju International Airport next month. 

Agenda at a Glance

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