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Delta Air Lines acquires 4.3% equity stake in Hanjin KAL June 21, 2019 Delta Air Lines acquired (20-Jun-2019) a 4.3% equity stake in Hanjin KAL, a Korean Air shareholder. Delta Air Lines CEO Ed Bastian stated Delta’s partnership with Korean Air is “already one of our fastest-integrating and most successful partnerships”, adding the new investment is expected to “further strengthen our relationship as we continue to build on the value of the joint venture”. He noted the carrier has a “vision to deliver the world’s leading trans Pacific joint venture” with Korean Air, delivering the “strongest network, the best service and the finest experience connecting the US with Asia” https://blueswandaily.com/delta-air-lines-acquires-4-3-equity-stake-in-hanjin-kal/ _______________________ Como o mundo dá voltas, KE e DL mal tinham acordos na Skyteam, e hoje são sócias. Depois da falência da Hanjin Shipping e que afetou a Korean Air, a família do Chaebol teve que engolir a seco o orgulho e correr para salvar o restante do império.
December 30, 2019 Hyundai Development Company announced (27-Dec-2019) its consortium and Kumho Industrial agreed to acquire the latter’s majority stake in Asiana Airlines for KRW2.5 trillion (USD2.2 billion). Hyundai Development Company will have approximately 61.5% stake in Asiana by investing KRW2 trillion (USD1.8 billion) while Mirae Asset Daewoo, which participated as a financial investor, will hold about 15%. The deal incudes Asiana’s affiliates Air Seoul and Air Busan. https://blueswandaily.com/hyundai-development-company-consortium-acquires-asiana-airlines/ ______________________________________ A crise na Asiana começou quando seu acionista, o chaebol Kumho Asiana começou a enfrentar problemas financeiros devido a compra de empresas. A Asiana também foi atingida por ter escondido um erro contábil e pela tensão comercial entre Japão e Coréia do Sul, que diminuiu consideravelmente o tráfego entre os dois países. A Hyundai Development Company (HDC) não tem ligação com a Hyundai Motors, apesar de ambas terem origem no Hyundai Group. Enquanto o desfecho na Asiana vai chegando ao fim, a Korean Air está enfrentando briga de acionistas. Depois do falecimento do CEO da companhia e do Hanjin Group, seus herdeiros brigam sobre os rumos da empresa, a maior do outrora gigante Hanjin Group. Walter Cho assumiu a direção do Hanjin-KAL e pretende fazer que a Korean Air concentre nos ativos relacionados à aviação, colocando a rede KAL Hotels a venda, devido ao endividamento excessivo em relação ao investimento de um hotel em Los Angeles. Heather Cho, irmã de Walter e conhecida pelo episódio das macadâmias, é contra a venda da divisão de hotéis, por ter sido a CEO da rede. Walter trocou os executivos e colocou pessoas ligadas a ele, na qual Heather viu como manobra de reduzir sua influência na Hanjin-KAL. Heather ganhou apoio da irmã mais nova, Emily, e de sua mãe. Parecendo filme de drama coreano, Walter chegou a brigar com a mãe e jogar um vaso na janela próximo de sua mãe. Os herdeiros têm aproximadamente 6,5% cada das ações da KAL-Hanjin, a viúva aproximadamente 5,5%. Juntos formam os maiores acionistas da holding, depois vem o fundo ativista KCGI com 17%, a Delta Airlines com 10% e o Fundo de Pensão da Coréia com 4%. A Delta, comenta-se, investiu na Hanjin-KAL para impedir que a KCGI avance na empresa. Diante da crise entre os herdeiros, o fundo ativista pode atrair Heather Cho (possivelmente sua mãe e irmã também) e inverter o bloco de controle. Diante disto tudo está a mudança do mercado coreano, com a chegada de novas LCCs, da operadora long-haul Air Premia, a concorrência com LCCs estrangeiras e a diminuição da importância de Seoul como hub para a China devido aos voos CN-US lançados nos últimos 5 anos.
https://www.bloomberg.com/news/articles/2019-03-25/asiana-airlines-liquidity-at-risk-as-ratings-on-verge-of-junk Concern about Asiana Airlines Inc.’s liquidity is rising after two rating firms warned its debt score may be cut to junk due to a lack of transparency in its 2018 financial report. The South Korean carrier’s BBB- rating, the lowest investment-grade level, was put on negative review by both Korea Investors Service and NICE Investors Service on Friday after Asiana got a “qualified” opinion for its annual report from its auditor, Samil PricewaterhouseCoopers. The problem is that most of the carrier’s asset-backed securities and some of its long-term debt include a stipulation that will force it to make an early repayment in the event its rating is cut by one level to speculative grade. At the end of last year, Asiana had about 1.1 trillion won ($969 million) of ABS and 258 billion won of long-term debt that included the trigger, according to Mirae Asset Daewoo Co. Asiana, Korea’s second-largest airline, faces “material uncertainty” in its business, with its current liabilities surpassing current assets by 1.8 trillion won at the end of 2018, according to Samil PricewaterhouseCoopers’s review. Full-service airlines such as Asiana have been hurt by competition from low-cost carriers as well as fluctuations in oil prices and currency exchange rates. See also: Asiana shares were halted over lack of financial transparency Samil PricewaterhouseCoopers cited a lack of details on provisions for leasing aircraft and the value of some assets, as well as financial information for Air Busan, a Korean budget airline in which Asiana has a 44.17 percent stake. Asiana will seek another audit as soon as possible to get an “unqualified” opinion, a spokesperson said Monday. Analyst Views The weakened reliability of Asiana’s financial reporting may decrease its access to capital markets and raise the possibility of liquidity risk, according to KIS, the local affiliate of Moody’s Investors Service. It said that was one reason for its negative rating review. The impact of Asiana’s debt woes on South Korea’s overall credit market will probably be limited for now because most of its bonds are likely held by individual buyers, meaning that institutional investors won’t be affected much, Park Jin-young, credit analyst at Hyundai Motor Securities, wrote in a note Monday. Asiana’s 60 billion won of notes due April 25 will be delisted, the exchange said on Friday. It sold 85 billion won of hybrid securities at 8.5 percent via a private placement on March 15, according to Korea Exchange data. Its share trading will resume Tuesday under a watchlist. KIS said Monday it has placed some of Asiana’s ABS on watchlist for downgrade. Tightening Audit Asiana said in a statement Friday that the reason for the auditor’s “qualified” opinion mostly involved provisions related to leasing aircraft and mileage, to reflect strict accounting standards. It’s just a matter of difference in accounting, and is unrelated to Asiana’s operating ability or cash flows, the company said. South Korea is tightening audit rules after several accounting scandals including Daewoo Shipbuilding & Marine Engineering Co. in 2016. The government implemented revised auditing rules in November to increase transparency. (Updates with Asiana statement in second-to-last paragraph.)
https://airwaysmag.com/airlines/korean-air-ceo-indicted-faces-charges/ October 16 by Daniel Sander LONDON – Korean Air’s CEO, Cho Yang-Ho, has been indicted. According to South Korean prosecutors, he faces charges of embezzlement and breach of trust. This is another blow to the country’s largest airline. Since Moon Jae-in became President of South Korea in 2017, there have been a number of big business heads in South Korea facing criminal charges. The CEO of Korean Air joins the list. A Seoul Prosecutors office said, “Cho took a 19.6 billion won ($17 million) commission from 2003 through 2018 by setting up a trading company to broker aircraft equipment and in-flight duty-free goods purchase deals for Korean Air, causing the same amount of loss to the airline.” Korean Air’s shares fell 0.6%, while the airline’s parent company, Hanjin Kal Corp’s shares fell by 2%, following the announcement of Cho Yang-Ho’s indictment. On October 15, his youngest daughter Emily Cho was cleared of all charges relating to her supposedly throwing a drink at two people attending a business meeting in April 2018. According to the Seoul Southern District Prosecutors office, “the attendees did not want to press charges.” They also added, “resentment toward the perceived unchecked behaviour of some chaebol family members, leading to investigations of alleged wrongdoing by other family members.” In 2014, the CEO’s eldest daughter, Heather Cho, was jailed because she demanded the Korean Air plane she was onboard, returned to the gate at New York-JFK, because of the way her Macadamia nuts were served in first class. Cho assaulted the flight attendant on duty, causing an investigation that ended her behind bars in Korea. Korean Air has failed to comment on the matter at the time of writing.