Hyundai Development Co seeks to renegotiate terms of Asiana acquisition

10 June, 2020

Hyundai Development Co (HDC) reportedly embarked on efforts seeking to renegotiate the terms of its acquisition of Asiana Airlines following an unexpected increase in the airline's debt level (Korea Herald/Korea Bizwire/Pulse/Reuters, 09-Jun-2020). HDC also called for Asiana's creditors to provide support to the airline. HDC claimed the carrier had additional debt of KRW2.8 trillion (USD2.3 billion) as of the end of 2019 and has since borrowed another KRW1.7 trillion (USD1.4 billion).