HDC Hyundai Development, "Let's Renegotiate Asiana Acquisition Terms"

[Asia Economy Reporter Yoo In-ho] HDC Hyundai Development Company officially requested a renegotiation of the acquisition terms for Asiana Airlines to the creditors, including the Korea Development Bank, on the 9th.

In a "Statement on the Acquisition of Asiana Airlines" delivered to the Korea Development Bank on the same day, Hyundai Development Company stated, "We hope that the acquisition of Asiana Airlines can be successfully concluded through sincere efforts such as re-examining the acquisition status and renegotiating the acquisition terms between the Korea Development Bank and the contracting parties."

Hyundai Development Company conveyed its agreement to extend the Long Stop Date of the stock purchase agreement in order to re-examine and renegotiate various situations that negatively affect the acquisition and damage the acquisition value.

A Hyundai Development Company official said, "During the renegotiation process of the Asiana Airlines acquisition, we expressed the opinion that discussions should proceed in a way that minimizes confusion and controversy by clearly communicating each party's opinions in writing," adding, "Since the fate of the group is at stake in this M&A, we will do our best to prevent any damage to all stakeholders and shareholders."

In particular, Hyundai Development Company claimed in the statement that it requested the creditors to re-examine the acquisition status and renegotiate the acquisition terms, including the provision of important data such as Asiana Airlines' financial status and outlook, the basis for calculating the amount of additional borrowing after the contract signing date, the repayment plan, and the conditions for conversion to perpetual convertible bonds, but did not receive any reliable official data.

On the 29th of last month, the Korea Development Bank and other creditors of Asiana Airlines sent a certified letter to Hyundai Development Company stating that "the intention to acquire Asiana Airlines must be expressed by the end of June for the contract extension to be possible."

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