State-run Korea Development Bank and the Export-Import Bank of Korea have prepared additional 1.2 trillion won ($975 million) worth of financial aid package for Korean Air to help the struggling airline amid the COVID-19 crisis.
The two banks will extend 200 billion-worth loans, purchase 700 billion won worth of securities and buy 300 billion won in perpetual bonds convertible into stocks.
In return, the country’s largest airline promised to improve its financial status by selling more assets while guaranteeing jobs of employees and restricting dividends.
Most international flights have been suspended since the COVID-19 pandemic.
(
khnews@heraldcorp.com)
