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HDC Hyundai Development's planned takeover of Asiana Airlines falls through Updated: 2020-09-03 17:08:37 KST

The planned takeover of major South Korean carrier Asiana Airlines by property developer HDC Hyundai Development appears to have fallen through.
A notice of a cancellation of the contract could be sent out as early as this week citing a failure for the two sides to narrow their differences over acquisition terms.
HDC had reportedly demanded another 12 weeks of due diligence on Asiana Airlines, which was rejected by the airline's main creditor, Korea Development Bank.
With this, the government may consider offering financial support to the debt-ridden carrier.
KOGL : Korea Open Government License
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