HDC Hyundai Development has proposed face-to-face talks between its CEO and the CEO of Kumho Industrial regarding its takeover of Asiana Airlines.This was an answer to Kumho Industrial's Aug. 7 demand for face-to-face negotiations between working-level officials. As HDC Hyundai Development withd
HDC Hyundai Development has reiterated its demand that creditors and Kumho Industrial allow it to undertake another round of due diligence on Asiana Airlines. This means that HDC Hyundai Development has virtually rejected an Aug. 3 ultimatum from Korea Development Bank (KDB) that it needs to show it
42Maru, an AI startup specializing in question answering (QA) platform, announced on Aug. 5 that it has attracted 2 billion won investment from Korea Development Bank (KDB).The company will sell 2 billion won worth of convertible bond to KDB. These bonds can be converted into shares with the convers
Korea Development Bank (KDB) has dismissed HDC Hyundai Development's request for another round of due diligence on Asiana Airlines and issued an ultimatum demanding that it show willingness to take over the troubled airline until Aug. 11.As HDC Hyundai Development is unlikely to withdraw its req
HDC Hyundai Development and Kumho Industrial are at odds over the former’s acquisition of Asiana Airlines, increasing the chances of negotiations on sale of the airliner collapsing.HDC Hyundai Development said on July 30 that it will conduct another round of due diligence in August before deciding t
Asiana Airlines has begun reviewing a Plan B as its sale to HDC Hyundai Development is likely to fall through. The faltering airline has reportedly launched a task force to review its options.One of the options is to look for ways for survival under the wing of Kumho Asiana Group. In this case, the
The contract deadline for HDC Hyundai Development’s purchase of Asiana Airlines shares from Kumho Group passed on July 12. Initially, the deadline was set on June 27 but was put off by 16 days to July 12 due to a delay in Russian authorities’ review of the acquisition deal.Creditors including Korea
Korea Development Bank (KDB) is expected to roll over a total of 90 billion won in loans to SsangYong Motor.The ailing automaker has recently applied for an extension of the maturities of the loans due on July 6 (70 billion won) and on July 19 (20 billion won). KDB is expected to make a decision as
Korea Western Power will participate in a gas-fired hybrid power generation project in the eastern U.S.The state-run power company signed an agreement with KDB Infrastructure Asset Management on June 29 to form a consortium to jointly invest in the Killingly Energy Center (KEC) Gas-fired Hybrid Powe
As the COVID-19 crisis is likely to be prolonged, airlines are seeking to raise funds to ease their deteriorating business conditions. But many are facing an uphill battle. Some airline officials say that they may have to consider even selling aircraft to stay afloat.Korean Air raised 300 billion wo
SsangYong Motor is not eligible for support from the Basic Industry Stability Fund, state-run Korea Development Bank (KDB) said on June 17."Companies that had management problems before the beginning of the COVID-19 crisis are not eligible for support from the Basic Industry Stability Fund," said Ch
SsangYong Motor's Indian parent company Mahindra & Mahindra has reaffirmed its intention to give up control of its ailing Korean subsidiary."Ssangyong Motor needs a new investor,” said Pawan Goenka, managing director of Mahindra & Mahindra and chairman of the board of directors of SsangYong Moto
Creditors of Asiana Airlines demanded on June 10 that HDC Hyundai Development disclose conditions for its takeover of the ailing airline, after the potential buyer called for renegotiations of the takeover terms, citing the devastating impact from the COVID-19 pandemic."We welcome HDC Hyundai Develo
Doosan Group and its creditors including Korea Development Bank (KDB) have decided to break Doosan Solus into three divisions and sell them separately. The move followed the absence of Lotte Chemical, a strong potential buyer, in the recent preliminary tender, which dimmed the prospects of the compa
Korean banks’ capital adequacy ratios have fallen in the wake of the new coronavirus spread.The average BIS ratio of Korean banks stood at 14.72 percent as of the end of March, down 0.54 percentage point from the end of 2019, according to a report released by the Financial Supervisory Service on Jun
HDC Hyundai Development chairman Chung Mong-kyu is garnering attention as the June 27 deadline for the acquisition of Asiana Airlines is approaching.HDC Hyundai Development signed a stock purchase agreement (SPA) with Kumho Industrial Co. in December 2019 to take over the ailing airline. This contra
Korea Development Bank said on May 28 that it has raised US$1 billion by issuing dollar-denominated Eurobonds to Asian and European investors.The bonds are five-year fixed-rate bonds. The bank will extend the money raised through the bond issuance to Korean companies that have been suffering from th
Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM) are likely to become the second largest shareholder of Korean Air.The two state-run banks will hold a creditor meeting early next week to approve a plan to provide 1.2 trillion won in liquidity support to Korean Air.On May 24,
The Korean government will provide support for the Korea Development Bank (KDB) and the Bank of Korea (BOK) to set up an SPV, through which they will purchase corporate debt including low rated bonds, the Ministry of Economy and Finance said on May 20.The two state-run banks will invest a total of 1
The Korea International Trade Association (KITA) recently announced that it would hold “NextRise 2020,” a global startup conference and exhibition, in cooperation with Korea Development Bank at COEX in Samseong-dong, Seoul for two days from June 23.This year marks the second anniversary of the event