Korean Air "Thankful for Timely Support... Focusing on Overcoming Crisis Instead of Exhaustive Shareholder Battles"

Saneun and Su-eun Support 1.2 Trillion Won... Korean Air "Will Focus on Employment Retention and Self-Help Efforts"

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Korean Air on the 24th expressed gratitude for the emergency liquidity support of 1.2 trillion won provided by the Korea Development Bank and the Export-Import Bank of Korea, stating that it will "stop the exhausting shareholding competition with the tripartite alliance and focus on overcoming the immediate crisis."

Korean Air released a statement saying, "We appreciate the government and policy banks for timely preparing support measures for the aviation industry, which is facing a severe situation where 90% of aircraft cannot operate due to the COVID-19 pandemic."

Korean Air explained, "In response to the support measures, Korean Air will do its best to overcome the crisis of the aviation industry, a national key industry, and to restore normal operations as soon as possible. Since the aviation industry is capital- and labor-intensive, maintaining stable employment for employees is our top priority, and we will devote ourselves to self-help efforts such as asset sales and capital expansion."

Furthermore, Korean Air stated, "In addition to efforts to improve the financial structure, the policy banks' decision to support perpetual convertible bonds is expected to greatly contribute to enhancing financial stability and market confidence. With a sense of mission as a national key industry, all executives and employees of Korean Air will devote themselves wholeheartedly until the aviation industry returns to normal, and we will become a Korean Air that serves the nation and the people who help us overcome this crisis even more."

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