SEOUL (Reuters) – The top shareholder of Asiana Airlines Inc has kicked off the sale of its stake in the debt-laden South Korean carrier, an official at Asiana’s parent group said on Thursday.
Kumho Industrial Co Ltd currently holds 33% of the conglomerate’s crown jewel carrier, a stake worth 448 billion won ($379.6 million) as of Wednesday’s closing price.
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Kumho Asiana Group, the South Korean No.2 carrier’s parent conglomerate, has been struggling with debt from an aggressive acquisition spree about a decade ago. It has agreed to sell Asiana under pressure from its lead creditor.
The official did not provide further details of the timeline of the bidding process but said the schedule would “stay flexible.”
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