Creditors of Asiana Airlines, including the state-run Korea Development Bank (KDB), are expected to provide up to 1 trillion won (US$879.89 million) of financial support to the ailing airline this week. They are likely to use perpetual bond and stand-by loan, which is more like a bank account with o
Korea Development Bank (KDB) announced on April 18 that it has launched a joint investment council with Korean venture capital firms to discover and foster startups."We have launched a joint investment council to help startups grow into unicorn companies without relying on overseas investment capita
South Korean shipping line Hyundai Merchant Marine Co. (HMM) is desperate to normalize its operations under its new president. The company is pinning hopes on the 12 mega container ships with a 23,000-TEU capacity that it will secure next year. HMM is struggling in the face of higher oil prices, low
As Korea Development Bank (KDB) chairman Lee Dong-geol announced on April 16 that creditors would quickly come up with a financial support plan for Asiana Airlines Inc., market watchers are speculating about the price of the country’s second largest carrier.Financial authorities and KDB believe that
Creditors of crisis-hit Kumho Asiana Group, including Korea Development Bank (KDB), have rejected the former chairman Park Sam-koo’s restructuring plan, which included a promise to sell Asiana Airlines Inc. if the group fails to normalize its operation within three years.KDB, the main creditor of As
It has been belatedly found that Lee Dae-hyun, former senior vice president of Korea Development Bank (KDB) who was nominated as chairman of Kumho Tire Co. earlier this year, refused to take the job at the last moment as he was virtually rejected by China’s Qingdao Doublestar Co., the largest shareh
Kumho Asiana Group has requested its creditors to extend 500 billion won (US$439.17 million) worth of loans against the owner family’s entire stake in Kumho Buslines Co., the group’s de facto holding company. The group said it would agree to creditors’ sale of Asiana Airlines if it fails to normaliz
Choi Jong-ku, chairman of the Financial Services Commission, said on April 3 that the main reason for Asiana Airlines’ trouble is its corporate governance, stressing the responsibility of Kumho Asiana Group Chairman Park Sam-koo.It is rare that the head of the FSC, which supervises Korea Development
The majority shareholder of Asiana Airlines Inc. is under pressure from creditors, including Korea Development Bank (KDB), to hand over managerial control to a third party. Yet the company’s management claims that the company will be normalized again if it overcomes the short-term liquidity crisis.A
Creditors of cash-strapped Kumho Asiana Group are reportedly planning to demand that the group sell off prime assets and present a viable debt repayment plan.They are considering extension of a one-year memorandum of understanding (MOU) on improving its financial standing later this week if they can
Kumho Asiana Group chairman Park Sam-koo has decided to step down from all his posts to eliminate what is called an “owner risk,” a risk that stems from investor distrust in the owner of a company. He was forced to resign to regain investors’ confidence in his group.Park has been showing his strong
Hyundai Heavy Industries Co., the world’s largest shipyard by sales, is set to sign an official deal with Korea Development Bank (KDB) on March 8 to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME). However, Hyundai Heavy will still have a lot of problems to solve in order to completely
The Seoul Economic Daily reported on March 7 that Korea Development Bank (KDB) and General Motors (GM) reached a secret agreement earlier so that the public funds invested in GM Korea can be recouped even if the company goes under. This means KDB and GM put recoupment of investment before the normal
Unionized Korea Development Bank (KDB) workers have decided to make an attempt to introduce a worker director system for the second time in the local banking industry following Industrial Bank of Korea (IBK).The unionized workers can exercise more influence on the management of their bank once the w
Hyundai Merchant Marine (HMM) president Yoo Chang-keun and Daewoo Shipbuilding & Marine Engineering (DSME) president Chung Sung-rip expressed their intention to resign more than two years ahead of their tenure. At present, Korea Development Bank (KDB) is the largest shareholder in each of the compan
Philippine banks are becoming the second largest shareholder of South Korea's troubled shipbuilder Hanjin Heavy Industries & Construction Co. This is part of a debt restructuring plan to rehabilitate HHIC-Phil Inc., a subsidiary of Hanjin Heavy that operates a shipyard in Subic Bay.Hanjin Heavy
South Korean shipbuilding giant, Hyundai Heavy Industries Group, is seeking to acquire Daewoo Shipbuilding & Marine Engineering Co. Accordingly, the domestic shipbuilding industry will see its “big three” system consisting of Hyundai Heavy, Daewoo Shipbuilding and Samsung Heavy Industries Co. transf
The South Korean securities industry has gone through a sea change since the introduction of the Capital Market Consolidation Act 10 years ago. Local securities companies’ total assets have increased from 36 trillion won to 56 trillion won and three new companies have put their names on the top five
The Korea Development Bank (KDB) and the Industrial Bank of Korea (IBK) will inject 15 trillion won (US$13.29 billion) into a three-year program aimed at making the ecosystems of Korea’s key industries more competitive.The two banks will provide 6 trillion won (US$5.32 billion) this year. They will
The state-run Korea Development Bank (KDB) is planning to establish an asset management subsidiary which is in charge of the sale and restructuring of the companies put under its management, according to financial authorities on Jan. 16.Until now, the KDB has engaged in financial restructuring of th