The Korea Times
Korean Air will launch its integrated flag carrier on Dec. 17, after completing all legal procedures for its high-profile acquisition of Asiana Airlines, the boards of the two companies said Wednesday. The agreement follows the initial share subscription agreement signed in November 2020. Korean Air will absorb all Asiana Airlines assets, liabilities, rights, obligations and personnel for the full-scale integration of the two carriers. The merger ratio has been set at 1 share of Korean Air to 0.2736432 shares of Asiana Airlines. Earlier, the Korean government and state-led creditors provided 3.6 trillion won ($2.42 billion) in liquidity support to cash-strapped Asiana following the outbreak of the COVID-19 pandemic. Korean Air managed Asiana’s financial and operational restructuring during the acquisition process, which also included full public fund repayment. Following Korean Air’s contract execution slated for Thursday, the carrier will submit a merger application to the Ministry of Land, Infrastructure and Transport. Once domestic approvals are finalized, Korean Air will proceed wi
Go to News Site