Asiana Airlines' co-CEO resigned on Thursday and its debt-ridden parent Kum...
SEOUL - Asiana Airlines’ co-CEO resigned on Thursday and its debt-ridden parent Kumho Asiana Group sought financial support from its top creditor after an accounting fiasco at the South Korean carrier threatened the group’s liquidity position.
That triggered warnings of credit ratings downgrades, a sharp earnings revision for Asiana, and a massive stock-market sell-off of the two firms on Tuesday when shares resumed trading after a two-day trading halt. Kumho Asiana Group said in a statement that Park met the chairman of the group’s main creditor, Korea Development Bank , late on Wednesday and asked for help to normalize Asiana Airlines, the conglomerate’s flagship firm.
Asiana has already sold assets to improve cash flow and reduce debt from aircraft purchases, as it battles rising fuel costs and competition from low-cost carriers.
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