Hanjin Kal to Cease Operations of 'Jeju KAL Hotel' as of April 30

On the 27th, shareholders and executives are moving inside the building at the 'Hanjin KAL 7th Regular Shareholders' Meeting' held at the Hanjin Building Main Office in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Eunmo Koo] Hanjin KAL announced on the 16th that it will completely cease operations of Jeju KAL Hotel, a subsidiary of Kal Hotel Network. The company stated that "due to business deterioration caused by COVID-19 and cumulative losses over the past five years, it was necessary to secure liquidity through the sale of Jeju KAL Hotel." The company plans to use the sale proceeds to improve its financial structure by repaying borrowings. The suspension of operations will take effect on April 30.

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