Preferred bidder trying to renegotiate Asiana Airlines deal
South Korean firm Hyundai Development Company is reportedly trying to renegotiate terms on a planned stake purchase of Asiana Airlines.
HDC along with partner Mirae Asset Daewoo was given preferred bidder status last year before the Covid-19 pandemic.
The deadline has since passed due to the pandemic.
According to local media reports it wants to renegotiate the deal as Asiana’s debt has increased significantly since then.
The original deal was worth about $2 billion for a 31% stake.
It is thought Asiana’s total debt is now about $11 billion.
According to the Korea Times, Asiana’s creditors are willing to engage with HDC over new acquisition terms.
"HDC needs to propose what acquisition terms it wants to be changed first before related parties begin talks over the deal," said main creditor, state-run Korea Development Bank.
The pandemic has led to several failed travel industry takeover transactions, with some leading to lawsuits, and several more being renegotiated.
An affiliate of Mirae was sued by China’s Ambang Insurance for failing to close a $5.8 billion deal to purchase a portfolio of luxury US hotels.
TravelMole Editorial Team
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.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers