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[EN] Delta Airlines compra 4,3% da holding proprietária da Korean Air


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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”



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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.

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E parece que o buraco é mais embaixo. A família Cho, entidade por trás do Hanjin Group, está em disputa com o fundo ativista KCGI, segundo maior acionista da Hanjin-KAL, que é o que sobrou do Hanjin Group.

 

A Delta pode aumentar a participação até 10,3%. O valor da holding é de USD 2 bi aproximadamente, fazendo com que a DL tenha pago aproximadamente USD 80 milhões, pouca coisa para uma empresa que tem um caixa bilionário. E segundo um forista do A.net, a legislação coreana impede que estrangeiros tenham assentos nos conselhos das empresas, daí mais um motivo da DAL investir na holding.

 

Os Cho`s possuem 28,7% da holding e a KCGI 16,0%. Com o apoio da Delta, eles teriam 39% da holding e barras as pretensões do fundo, que vem buscando apoio de acionista como o National Pension Service e o Credit Suisse.

 

A Hanjin KAL é dona de 30% da Korean Air.

 

https://www.reuters.com/article/us-delta-stake/delta-air-lines-acquires-stake-in-korean-airs-parent-hanjin-kal-idUSKCN1TL1EO

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Excelente para a Korean

 

Ganhou como sócia a cia aérea que talvez hoje seja a mais poderosa financeiramente do planeta e com uma vantagem competitiva que ninguém vai conseguir tirar: um aeroporto (super) eficiente associada a uma refinaria de petroleo com um caixa de fazer inveja.

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Excelente para a Korean

 

Ganhou como sócia a cia aérea que talvez hoje seja a mais poderosa financeiramente do planeta e com uma vantagem competitiva que ninguém vai conseguir tirar: um aeroporto (super) eficiente associada a uma refinaria de petroleo com um caixa de fazer inveja.

 

A refinaria faz querosene de avião?

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Excelente para a Korean

 

Ganhou como sócia a cia aérea que talvez hoje seja a mais poderosa financeiramente do planeta e com uma vantagem competitiva que ninguém vai conseguir tirar: um aeroporto (super) eficiente associada a uma refinaria de petroleo com um caixa de fazer inveja.

Lipe, até onde lembro, a DL estava querendo vender a Trainer, mas pelo jeito os preços subindo ela preferiu segurar mais a refinaria.

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A refinaria faz querosene de avião?

 

Sim.

 

E produz também gasolina e diesel para venda ao mercado.

 

 

Lipe, até onde lembro, a DL estava querendo vender a Trainer, mas pelo jeito os preços subindo ela preferiu segurar mais a refinaria.

 

Ainda quer vender. Já não é o patinho feio, melhorou bastante, mas o foco da DL é vender e fazer um supply agreement de longo prazo com o comprador.

 

O problema da refinaria é que o mercado Americano, apesar de pulverizado entre 10-20 empresas na distribuição, tem um tamanho considerável e passa por consolidação (os maiores players tem capacidade de refino superior a 1 milhão de barris por dia, sendo a Delta um pequeno player com 150-180 mil barris/dia, algo como uma refinaria do porte da de Minas Gerais).

 

Dai na hora de vender gasolina e diesel, ela vende a atacadistas, e nao para os postos diretamente, pois não existe uma bandeira "Delta". Com isso ficam preciosos centavos de dólares na mesa.

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Delta Air Lines increases stake in Hanjin KAL to 11%
February 25, 2020

Delta Air Lines reportedly increased its stake in Hanjin KAL, parent company of Korean Air, to 11% (Reuters/The Korean Herald, 24-Feb-2020).

https://blueswandaily.com/delta-air-lines-increases-stake-in-hanjin-kal-to-11/

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Korean Air may sell core assets estimated at $2.4 bn to ease cash crunch
2020-04-27


Hanjin Group, parent of Korean Air Lines Co. Ltd., is considering selling three core businesses of the carrier — in-flight meal service, mileage program and maintenance operations — which could fetch around 3 trillion won ($2.4 billion), as part of self-rescue efforts.

The parent group is now studying the possible sale of the three business divisions to solve the airline’s liquidity shortage, according to airline and financial industry sources on April 26.

Korean Air has been under pressure to come up with painstaking self-rescue measures, since the state-run Korea Development Bank (KDB) announced a plan last week to inject 1.2 trillion won into the carrier.

KDB estimates that Korea Air would suffer cash shortfalls of 3.8 trillion won this year, as the coronavirus pandemic led to a sharp decline in aircraft traffic and the grounding of planes.

Korean Air’s self-rescue plans should include offering “sellable” assets, KDB demanded. The lender had rejected the airline’s earlier proposal to sell 37,000 square meters of undeveloped land in central Seoul. The land has remained unsold since it was put on the market last year.

The three business divisions that may be put up for sale are worth 5 trillion to 6 trillion won in assets, including liabilities and could bring about 3 trillion won, based on the Korean Investors’ estimate.

It is unclear whether the country’s flagship carrier will offer to sell all the three businesses, or some of them.

The in-flight food division, worth hundreds of millions of dollars, is expected to be the first one up for grabs. It is likely to generate a steady stream of cash flows once Korean Air returns to business normalcy and seems easy to spin off, compared to the other two divisions.

In 2003, Asiana Airlines Inc. hived off on-board meal service to an 8:2 joint venture with Germany’s Lufthansa Group. After the partnership expired in 2018, the South Korean carrier handed over the business to a 6:4 venture, named Gate Gourmet Korea, with China’s HNA Group.

MILEAGE SERVICE

The mileage service division, if sold, is likely to fetch billions of dollars given that it can sell mileages to credit card companies for cash.

Accrued mileages under Korean Air’s frequent flyer program, Skypass, are worth 2.4 trillion won as of the end of 2019 which are booked as liabilities.

Air Canada, Virgin Australia, Air Asia and Aeromexico had hived off their mileage businesses and sold part of, or all their stakes in the spun-off units.

Virgin Australia’s frequent flyer scheme was valued at $1.4 billion when it bought back the remaining 35% stake in Velocity, a joint venture for the scheme, from Affinity Equity Partners in December 2019.

Korean Air’s mileage program is estimated to be worth more than Virgin Australia’s.

Last year, Korean Air considered selling the maintenance, repair and overhaul (MRO) operations which have domestic low-cost carriers as customers. South Korea’s Hanwha Group and a number of private equity firms had shown interest in the operations.

KDB’s 1.2 trillion won bailout package for Korean Air, unveiled on April 24, is broken down into buying 700 billion won in securities collateralized by income receivables from cargo flights; purchasing 300 billion won in perpetual bonds that can be converted into shares in the airline; and extending a 200 billion won loan.

KDB expects the cash injection will help Korean Air tide over the liquidity crunch at least during the first half of this year.

If the bonds are converted into shares, KDB will hold a 10.8% stake in the carrier.

By Sang Eun Lee

selee@hankyung.com

<Edited by Yeonhee Kim>

http://www.koreaninvestors.com/?p=8137

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Korean Air raises $1.8 billion from new shares and government aid
By Cirium13 May 2020

Korean Air will raise W2.2 trillion ($1.8 billion) in fresh capital – W1 trillion from a new share issue and W1.2 trillion in government aid – to overcome challenges posed by the Covid-19 pandemic.

The carrier will issue 79 million shares at W12,600 each, a move it says was decided at a board meeting today. This will increase the total number of issued shares to 175 million.

It plans to increase paid-in capital by first allocating shares to existing shareholders before offering the remaining shares to the public.

Korean’s shares closed at W18,300 on 12 May. The final issue price will be confirmed on 6 July and the new shares will be listed from 29 July.

The board also decided to accept W1.2 trillion in government aid, extended by the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank).

This takes the form of W700 billion in asset-backed securities, backed by air cargo operations; W300 billion worth of perpetual bonds embedded with stock conversion rights; and a W200 billion asset-backed loan.

”Korean Air will continue to carry out self-rescue measures to overcome the dismal business environment due to Covid-19,” it said in a statement today.

This includes previously announced pay cuts and voluntary leave, as well as the sale of non-core assets to boost liquidity.

In March, the airline raised nearly W623 billion from asset-backed securities, collateralised against future passenger ticket sales from its South Korean office that will be settled by credit card.

https://www.flightglobal.com/airlines/korean-air-raises-18-billion-from-new-shares-and-government-aid/138364.article

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Korean Air Expected to Receive Further Aid

by Taylor Beall


MIAMI – Following a ₩1.2tr injection into Korean Air (KE) by the Export-Import Bank of Korea and the Korea Development Bank, the carrier is expected to submit a self-rescue plan in return for further aid.

The self-rescue plan will total ₩1.5tr, with ₩1tr being part of a stock offering, according to Yonhap News.

Other self-rescue measures will include the sale of assets beyond what is already being considered.

Since April 16, 70% of KE’s workforce has been put on paid leave for 6 months.

2020 FIRST QUARTER RESULTS


According to its Q1 financial results, KE suffered a 29.5% reduction in Revenue Passenger Kilometers (RPK) compared to Q1 of 2019. January and February were impacted by COVID-19 in China and Southeast Asia, and March by its worldwide effects.

However, the Cargo arm of KE did not suffer even though there was a 4.7% reduction in available Freight Tonne Kilometers (FTK). Even with this reduction, mainly attributed to passenger aircraft suspension, there was a 3.1% increase in FTK.

OUTLOOK


Korean Air expects there will still be an impact in Q2 2020 even though domestic flights are expected to pick up and some cross-border flights will take place.

In June, KE plans to start a scheduled recovery, offerings charters to businesses and returning ex-pats.

Finally, while the passenger numbers are still low, KE plans to maximize cargo operations, including using its passenger aircraft for freight.

https://airwaysmag.com/airlines/korean-air-expected-to-receive-further-aid/

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