Government Holds Ministerial Meeting on Industrial Competitiveness to Share Plans for Asiana Normalization

[Sejong=Asia Economy Reporter Kim Hyunjung] On the 11th, the government held the '24th Ministerial Meeting on Strengthening Industrial Competitiveness' at the Government Seoul Office to discuss measures to promote the normalization of management of Asiana Airlines, whose sale fell through.

The meeting, presided over by Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki, was attended by Minister of Land, Infrastructure and Transport Kim Hyun-mi, Financial Services Commission Chairman Eun Sung-soo, as well as the Vice Minister of Trade, Industry and Energy, Deputy Director of the Office for Government Policy Coordination, Senior Secretary for Economic Affairs to the President, Financial Supervisory Service Governor, Korea Development Bank President, and Export-Import Bank President.

At the meeting, the creditors reported measures to prepare for the failure of the Asiana Airlines M&A between Kumho Industrial and HDC Hyundai Development Company. The Ministry of Strategy and Finance explained, "Due to the COVID-19 pandemic, the operating and financial conditions have worsened, and uncertainties across the aviation industry have increased, causing continued delays in the conclusion of the Asiana Airlines M&A," and "the creditors reported at today's meeting the measures to stabilize the market and promote the normalization of Asiana Airlines management in preparation for a possible M&A failure."

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