The Industrial Stabilization Fund Provides 32.1 Billion KRW Support to Jeju Air
[Asia Economy Reporter Jo Gang-wook] Jeju Air becomes the second company to receive support from the Period Industry Stabilization Fund.
According to the financial sector on the 11th, the fund held the 21st Fund Operation Deliberation Committee meeting at the Korea Development Bank the previous day and approved the agenda to support Jeju Air with the Period Industry Stabilization Fund.
Of the 32.1 billion KRW applied for by Jeju Air, 25.7 billion KRW (80%) will be provided as an operating fund loan, and 6.4 billion KRW (20%) will be supported through the acquisition of perpetual convertible bonds (CB).
Jeju Air, which will receive support from the fund, must comply with the support conditions stipulated in the Korea Development Bank Act, including maintaining employment, efforts to improve management, prohibition of dividend payments, and prohibition of salary increases for high-income earners.
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The government plans to support Jeju Air with approximately 190 billion KRW, including the fund support. The Export-Import Bank of Korea has already provided about 57 billion KRW in loans, and loans from the Korea Development Bank are also scheduled. Support will also be received through the Credit Guarantee Fund’s securitization company guarantee (P-CBO) program.
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