To save costs, the company will further cancel or minimize the planned events, including the company’s 32nd celebration of the founding day and the reward bonus for celebration, Asiana said. More than 96% of those who participated in the extraordinary shareholder meeting voted in favor of the plan, under which three common shares in Asiana will be worth one, with no compensation to the shareholder. Mirroring its impact on aviation, the COVID-19 pandemic has had a significant impact on airline companies due to travel restrictions and a slump in demand among travelers. Given the situation with Coronavirus -which appears to be spreading and since yesterday both Japan and S.Korea on level 2 alert (by both US Dept of State and CDC). Asiana Airlines is the latest carrier to cut back on its Hawaii service as travel demand drops in the wake of the global spread of the new coronavirus. One-third of aviation routes have closed since Covid-19 decimated … It’s the most comprehensive source of market intelligence in the world, with around 50 per cent of content translated from non-English sources. Shares of Asiana closed down 10.96% to 4,470 won on Monday. SEOUL: South Korean flag carrier Korean Air said Monday it will buy out its smaller, troubled rival Asiana Airlines in a $1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic. Asiana Airlines CEO Han Chang-soo (Asiana Airlines) SEOUL — Korean full-service carrier Asiana Airlines said Tuesday that all executives, including the CEO, have offered to resign to improve the company’s financial health, which has been severely hurt by the latest outbreak of the coronavirus that has cut into aviation services. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. What you need to know about Coronavirus. Sign up to our newsletters to get our best stories delivered straight to your inbox. Korean Air says it will acquire Asiana Airlines for $1.62 billion in a major restructuring of the Korean aviation market as the global coronavirus pandemic batters the industry worldwide. Han said that he himself would return 40 percent of his annual salary, while other executives will return 30 percent and division leaders will return 20 percent of their annual pay. CAPA publishes more than 400 global News Briefs every weekday, covering all aspects of the aviation and travel industry. due to the recent COVID-19 outbreak, we will be extending the validity of your mileage that is due to expire this year for 1 year. The share capital reduction plan slashes Asiana's capital to 372.1 billion won from 1.1 trillion won, and its total number of shares will fall to 74.41 million from 223.2 million previously. Asiana Airlines commences international transport of COVID-19 vaccines. to learn how you can update your cookie settings. Korean Air and Asiana reduced global flying, sometimes significantly before Korea became a larger coronavirus outbreak. SEOUL -- Shareholders of Asiana Airlines on Monday approved a 3-to-1 share capital reduction plan, paving the way for rival Korean Air Lines to buy the debt-ridden carrier. Move smooths the way for takeover by rival Korean Air Lines. A labor union of pilots said that they agreed for all pilots to take 15 days of leave and return 50 percent of their bonus pay. In September, Asiana's creditors -- the KDB and the Export-Import Bank of Korea -- decided to end a drawn-out deal to sell Asiana to a consortium led by HDC Hyundai Development Co. over differences over terms of the deal amid the extended COVID-19 … Answer 1 of 200: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. READ: Commentary: Novel coronavirus … Entry restrictions due to the spread of the COVID-19 are updated per country as follows. Korean Air confirms plan to buy troubled Asiana Airlines for US$1.6 billion The deal combining South Korea’s two biggest airlines comes as carriers around the … Two more airlines are planning to launch services within the next few months, having already secured initial approvals prior to COVID-19. Plan your travel ahead with Asiana Airlines! "Once Korean Air completes its acquisition of Asiana Airlines, the airline is expected to be ranked as one of the top 10 airlines in the world." South Korean aviation fears a profound impact to Korean Air and Asiana Airlines if the United States bans or limits flights as coronavirus cases continue to … In a letter sent to Asiana employees, the air carrier’s CEO Han Chang-soo said that the company has activated an emergency business management due to the crisis following the epidemic outbreak. Stay ahead with our exclusives on Asia; the most dynamic market in the world. Because of a spike in the number of people in Korea testing positive for COVID-19, Asiana Airlines has backtracked on its idea of offering international flights to nowhere. 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Not only that, the company said it will activate 10 days of unpaid leave for all employees, including ground crew, cabin crew and maintenance workers, to minimize the workforce following the reduction of its China routes. To help finance the deal, Korean Air plans to sell up to $2.25 billion worth of shares early next year. I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. This content was commissioned by Nikkei's Global Business Bureau. The reduction in share capital will help Asiana offset part of its deficit, which reached 1.5 trillion won ($1.3 billion) as of September, up from 881 billion won in December 2019. SEOUL: A $2-billion-plus deal for a South Korean property developer to take over loss-making Asiana Airlines collapsed Friday in the wake of the coronavirus … Due to the latest outbreak of the novel coronavirus that is believed to originate in Wuhan, China last month, Asiana Airlines has reduced 79 percent of its China routes and 25 percent of flights to Southeast Asian countries. Failure to approve the motion would have left the airline facing the prospect of having to inject even more money into Asiana to pay back its debt. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s resurgence. Because of a spike in the number of people in Korea testing positive for COVID-19, Asiana Airlines has backtracked on its idea of offering international flights to nowhere. The proposed takeover was initially met with concern, as experts worried that Asiana's heavy debt load could spill over to Korean Air. The acquisition process has been underway since last year, while the process will be completed after a due diligence review, HDC said. In a statement, Hanjin said the deal to acquire Asiana will “stabilize the Korean aviation industry, which is suffering from the COVID-19 pandemic.” “The company made the decision to help the country’s airline industry continue to grow (amid uncertainties) and minimize the injection of public funds (into Asiana),” Korean Air Chairman Cho Won-tae said in a statement . Please review our Call 896 6000. Star Alliance Hygiene Safety Commitment. According to the air carrier, Russian-developed Sputnik V vaccines were delivered to Russia twice on Friday and then once on Tuesday. Read more. HDC, a mid-sized builder, gave up on buying Asiana in September as the coronavirus pandemic devastated the airline industry. In September, Asiana's creditors -- the KDB and the Export-Import Bank of Korea -- decided to end a drawn-out deal to sell Asiana to a consortium led by HDC Hyundai Development Co. over differences over terms of the deal amid the extended COVID-19 … Tickets purchased via Asiana Airlines website/mobile or reservation center Reservation Center Korea : +82-2-2669-8000 U.S. : +1-800-227-4262 China : +86-10-8451-0101 Japan : +81-3-5812-6600 Other office : Contacts >> B. Answer 1 of 200: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. 1. Asiana had been loss-making even before the coronavirus pandemic grounded 324 out of 374 planes of South Korean airlines in early April, according to lobby group Korea Civil Aviation Association. The information below is intended to provide minimal information on the status of the country-specific entry restrictions related to COVID-19, and does not guarantee the departure/entry of passengers. The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. The deal combining South Korea’s two biggest airlines comes as carriers around the world struggle with low demand during the coronavirus pandemic; Asiana … The Asiana … CAPA News Briefs. Discount coupons cannot be applied to code share flights and tickets with other airlines. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. But Asiana Airlines officials said the voluntary resignations are not to be accepted right away, as the company needs them to operate. To help finance the deal, Korean Air plans to sell up to $2.25 billion worth of shares early next year. Don't miss out on the latest news and information. Get trusted insights from experts within Asia itself. Kumho Industrial is the largest shareholder of Asiana with a 30.77% stake. Korean Air says it will acquire Asiana Airlines for $1.62 billion in a major restructuring of the Korean aviation market as the global coronavirus pandemic batters the industry worldwide. The airline, like many around the world, has been hard hit by the coronavirus pandemic and resulting travel restrictions. The airline, like many around the world, has been hard hit by the coronavirus pandemic and resulting travel restrictions. Shareholder approval of the plan, however, means Korean Air will have a lighter burden after the acquisition. Kumho Petrochemical, the second-biggest shareholder with an 11.02% stake, was absent from Monday's shareholders meeting. On … The breadth of our coverage … Nikkei Inc. No reproduction without permission. For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150. We use cookies to ensure you get the best experience on our website. Answer 21 of 198: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. By continuing, you are agreeing to our use of cookies. We are waiving reissue fee up to 2 times for all international routes Book ahead and travel seamlessly! The deal combining South Korea's two biggest airlines comes as carriers around the world struggle with low demand, haemorrhaging cash and grounding … In a statement, Hanjin said the deal to acquire Asiana will “stabilise the Korean aviation industry, which is suffering from the COVID-19 pandemic.” “The company made the decision to help the country’s airline industry continue to grow (amid uncertainties) and minimise the injection of public funds (into Asiana),” Korean Air Chairman Cho Won-tae said in a statement . They also proposed to indefinitely postpone education sessions for those promoted or transferred to a new position. Asiana Airlines CEO Han Chang-soo (Asiana Airlines). Asiana Airlines has successfully transported Korean-made coronavirus vaccines from Incheon to Moscow, the company said Tuesday. Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Asiana shareholders approve airline's capital reduction plan, South Korea's Asiana Airlines is struggling to weather the coronavirus pandemic. Kumho Petrochemical has publicly opposed the capital reduction plan, saying the major stakeholder should take bigger responsibility for the company's current situation by giving up more shares than other shareholders. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. SEOUL, Feb. 18 (Yonhap) -- Asiana Airlines Inc., South Korea's second-biggest airline, on Tuesday said all of its employees will take unpaid leave as air travel demand has plummeted due to the spreading coronavirus outbreak. South Korea’s two biggest airlines plan to merge, with Korean Air Lines Co. acquiring Asiana Airlines Inc. for 1.8 trillion won ($1.6 billion) following an injection via its parent, Hanjin Kal Corp. “Their resignation illustrates how firm the company is devoted to execute all-out effort to save cost,” an official told The Korea Herald. This is only applicable to Asiana Airline flights provided by Asiana Airlines, and is not applicable to Star Alliance mileage tickets. © Getty Images, Korean airline merger faces debt burden and antitrust concerns, Korean Air's Asiana deal hits turbulence as stakeholder objects, Korean Air to take over Asiana in $1.62bn deal backed by Seoul, Asiana Airlines shares jump as Seoul considers sale to Korean Air, South Korea's airline M&A left adrift by the pandemic. HDC, a mid-sized builder, gave up on buying Asiana in September as the coronavirus pandemic devastated the airline industry. HDC will officially grab control of the air carrier’s business from late April. SEOUL: South Korean flag carrier Korean Air said Monday it will buy out its smaller, troubled rival Asiana Airlines in a $1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic. For more news about the novel coronavirus click here. Also, I am traveling with a child. This story is part of AIN 's continuing coverage of the impact of the coronavirus on aviation. The nearly two-hour journey will take place on an Asiana A380 superjumbo passenger jet that has been grounded in the wake of the coronavirus pandemic. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s … South Korea's Asiana Airlines is struggling to weather the coronavirus pandemic. A day earlier, Asiana Airlines’ unionized workers’ association released a statement, suggesting the workers to voluntarily take unpaid leave. SINGAPORE: Long overdue consolidation is finally coming to Asia’s battered airline sector with COVID-19 precipitating the merger of South Korea’s two main airlines. Cookie Policy Those present at the meeting control 41.8% of the voting rights in the airline. "Once Korean Air completes its acquisition of Asiana Airlines, the airline is expected to be ranked as one of the top 10 airlines in the world." I love Mecenat is a mecenat company that practices social contributions through mecenat activities. SEOUL — Korean full-service carrier Asiana Airlines said Tuesday that all executives, including the CEO, have offered to resign to improve the company’s financial health, which has been severely hurt by the latest outbreak of the coronavirus that has cut into aviation services. SKYTRAX 5-Star Airline 13 Consecutive Years(2007-present) Meanwhile, Asiana’s new owner HDC Hyundai Development Company said that despite the latest struggles, there will be no change in its plan to acquire the company at 2.2 trillion won ($1.85 billion). In the interest of the safety of customers, Star Alliance member airlines have agreed to a common set of health and hygiene safety measure. The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. Han said that all executives, including himself, have requested to resign to share the burden of the company’s difficult business situation, as part of a self-rescue plan to dramatically “cut down anything that is not related to boosting the company’s profitability.”. Kumho Industrial is the largest shareholder of Asiana with a 30.77% stake. "Considering the direct impact of the unprecedented pandemic, we cannot rule out limitation on stock trading or credit ratings cut unless we reduce the share capital," said the company in a statement. To find out more, please click this link. The vote comes as the South Korean government seeks to engineer a deal by which Korean Air will take over Asiana to create a single national flag carrier. 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