S.Korea's Asiana Airlines surges on state banks' financial support

IPark Hyundai Development

22/04/2020 02:17

** Shares of South Korean carrier Asiana Airlines Inc
 020560.KS  surge as much as 24.1% to 5,050 won  
    ** South Korea's two state-owned banks on Tuesday said they
will provide up to 1.7 trillion won ($1.38 billion) in fresh
liquidity to Asiana Airlines, the country's No.2 carrier, as the
industry struggles with the coronavirus crisis  urn:newsml:reuters.com:*:nL4N2C92JO
    ** The loans are expected to keep the loss-making carrier
going as it awaits the completion of its acquisition by a
consortium led by South Korean builder Hyundai Development Co
(HDC)  294870.KS , signed in December.  urn:newsml:reuters.com:*:nL4N2C92JO
    ** HDC in December signed a deal to acquire a controlling
stake in Asiana for 2.5 trillion won.
    ** The banks previously provided 1.6 trillion won in
financial support to Asiana  urn:newsml:reuters.com:*:nL3N2243Z7
    ** The benchmark KOSPI market  .KS11  is down 1.5% as of
0055 GMT 


($1 = 1,235.1700 won)

 (Reporting by Heekyong Yang)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))