[Photo] Kumho Asiana Group to sell Asiana Airlines

The Kumho Asiana Group decided to sell its flagship airline Asiana Airlines during a board of directors meeting on Apr. 15. Kumho Industrial is currently the largest shareholder, with a 33.47% stake. The decision was made after creditors led by the Korea Development Bank (KDB) rejected the conglomerate’s “self-rescue plan” as insufficient to regain market trust. Kumho Asiana Group had previously requested a KDB bailout of around 500 billion won (US$439.11 million) after it suffered net losses in 2018.