Hanjin Group Begins Selection of Asset Sale Manager for Idle Assets... Initiates Financial Structure Improvement

Sent 'Sale Advisory Proposal Request' to 12 Companies

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Hanjin Group has officially begun the process of selling idle assets, including the site in Songhyeon-dong, Jongno-gu, Seoul. This move is to implement the financial structure improvement announced by Chairman Cho Won-tae during the Korean Air and Hanjin KAL board meetings held on the 6th and 7th.

On the 27th, Hanjin Group announced that it recently sent a 'Request for Proposal (RFP)' for sale advisory services to related companies to select a sales agent. The RFP was sent to 12 leading companies representing various industries, including real estate consulting firms, accounting firms, securities companies, trust companies, asset management firms, and brokerage firms.

The idle assets targeted for sale include Korean Air's holdings of ▲the Songhyeon-dong site (36,642㎡) and building (605㎡) in Jongno-gu, Seoul ▲shares in Wangsang Leisure Development Co., Ltd., the operator of the marine leisure facility 'Wangsan Marina,' and those held by Kal Hotel Network ▲the Paradise Hotel site (53,670㎡) and building (12,246㎡) in Jeju.

Hanjin Group plans to receive proposals by the 24th of next month, select candidate companies through evaluation, and conduct presentations on the proposals to finalize the selection of the sales agent.

The company explained that Hanjin Group's move to accelerate the sale process reflects a practical measure following its declaration of intent to improve its financial structure.

In addition to this sale of idle assets, Hanjin Group will carefully review the business feasibility of other properties such as the Wilshire Grand Center in Los Angeles (LA), USA, and the Grand Hyatt Hotel in Incheon, and decide on directions such as continuous development, nurturing, or restructuring.

A Hanjin Group official stated, "We will promptly complete the sale of these idle assets and actively explore additional measures to improve our financial and governance structures, implementing them without delay to enhance shareholder value."

This content was produced with the assistance of AI translation services.