14:39 GMT29 November 2020
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    Korea Development Bank has agreed to inject 800 bln won (over $723 million) into Hanjin Kal, the owner of Korean Air Lines Co Ltd, in order to keep Asiana Airlines afloat, according to the media.

    The current deal is expected to contribute to the lifeline of the second-largest South Korean airline, Asiana Airlines, since in earlier September the creditors of Asiana's parent company, Kumho Asiana Group, informed the consortium led by the construction company Hyundai Development that the contract was cancelled due to the pandemic's effect on the financial situation. 

    Hanjin-Kal is the holding corporation of Hanjin Group, established in 2013; its core businesses are air transportation, integrated logistics, hotels & leisure, and information services. Now the company's subsidiaries include Korean Air, Jin Air and several other businesses. 

    Tags:
    airlines, South Korea
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