Asiana could scrap routes, sell off planes
Cash strapped South Korean airline Asiana is planning big changes as it seeks to turn around its finances.
It may ditch unprofitable routes and sell off aircraft according to a letter penned to employees by CEO Han Chang-soo.
Han’s fellow co-CEO Park Sam-koo stood down last week in response to an accounting fiasco.
The carrier’s accounts were knocked back for discrepancies by its auditor, which led to shares being suspended briefly and calls for a credit rating downgrading.
Han says the company needs to ‘restore trust’ with customers and investors and ‘create a stable management environment.’
Han said a management committee will be established to explore how to restructure the business, which could involve cutting loss-making routes and sell off aircraft.
The airline has 83 jets, of which about half are leased. Other options will also be considered including selling off other assets.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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