The deal combining South Korea’s two biggest airlines comes as carriers around the world struggle with low demand during the coronavirus pandemic; Asiana … A labor union of pilots said that they agreed for all pilots to take 15 days of leave and return 50 percent of their bonus pay. CAPA publishes more than 400 global News Briefs every weekday, covering all aspects of the aviation and travel industry. Asiana Airlines flight 729 departed the gate at Seoul Incheon international airport on schedule at 10:10 a.m. on Saturday, and a few minutes later took off … But Asiana Airlines officials said the voluntary resignations are not to be accepted right away, as the company needs them to operate. Move smooths the way for takeover by rival Korean Air Lines. (Only 1 can be used per ticket, and cannot be applied to additional itineraries after being applied to a one-way ticket.) Due to the latest outbreak of the novel coronavirus that is believed to originate in Wuhan, China last month, Asiana Airlines has reduced 79 percent of its China routes and 25 percent of flights to Southeast Asian countries. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s resurgence. The deal combining South Korea's two biggest airlines comes as carriers around the world struggle with low demand, haemorrhaging cash and grounding … Meanwhile, Asiana’s new owner HDC Hyundai Development Company said that despite the latest struggles, there will be no change in its plan to acquire the company at 2.2 trillion won ($1.85 billion). SEOUL, Feb. 18 (Yonhap) -- Asiana Airlines Inc., South Korea's second-biggest airline, on Tuesday said all of its employees will take unpaid leave as air travel demand has plummeted due to the spreading coronavirus outbreak. US-Asia Ticket Change Guideline for COVID-19 Coronavirus (As of April 7, 2020) views ... A. Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Because of a spike in the number of people in Korea testing positive for COVID-19, Asiana Airlines has backtracked on its idea of offering international flights to nowhere. The share capital reduction plan slashes Asiana's capital to 372.1 billion won from 1.1 trillion won, and its total number of shares will fall to 74.41 million from 223.2 million previously. Kumho Petrochemical has publicly opposed the capital reduction plan, saying the major stakeholder should take bigger responsibility for the company's current situation by giving up more shares than other shareholders. Discount coupons cannot be applied to code share flights and tickets with other airlines. To help finance the deal, Korean Air plans to sell up to $2.25 billion worth of shares early next year. In a letter sent to Asiana employees, the air carrier’s CEO Han Chang-soo said that the company has activated an emergency business management due to the crisis following the epidemic outbreak. Don't miss out on the latest news and information. The Asiana … Entry restrictions due to the spread of the COVID-19 are updated per country as follows. Asiana Airlines Inc. could follow suit with an ... or collapsing altogether because of the impact Covid-19 has had on travel. Earlier today, Korea’s second-largest airline said it was canceling its international flights to nowhere due to the coronavirus’s … The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. We are waiving reissue fee up to 2 times for all international routes Book ahead and travel seamlessly! Answer 1 of 200: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. Nikkei Inc. No reproduction without permission. More than 96% of those who participated in the extraordinary shareholder meeting voted in favor of the plan, under which three common shares in Asiana will be worth one, with no compensation to the shareholder. Asiana Airlines is the latest carrier to cut back on its Hawaii service as travel demand drops in the wake of the global spread of the new coronavirus. Read more. HDC will officially grab control of the air carrier’s business from late April. "Considering the direct impact of the unprecedented pandemic, we cannot rule out limitation on stock trading or credit ratings cut unless we reduce the share capital," said the company in a statement. The majority Asiana stake is held by Kumho Industrial Co., an affiliate of airline-to-petrochemical conglomerate Kumho Asiana Group. The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link . What you need to know about Coronavirus. Asiana Airlines CEO Han Chang-soo (Asiana Airlines). SINGAPORE: Long overdue consolidation is finally coming to Asia’s battered airline sector with COVID-19 precipitating the merger of South Korea’s two main airlines. The information below is intended to provide minimal information on the status of the country-specific entry restrictions related to COVID-19, and does not guarantee the departure/entry of passengers. Asiana had been loss-making even before the coronavirus pandemic grounded 324 out of 374 planes of South Korean airlines in early April, according to lobby group Korea Civil Aviation Association. Given the situation with Coronavirus -which appears to be spreading and since yesterday both Japan and S.Korea on level 2 alert (by both US Dept of State and CDC). On … to learn how you can update your cookie settings. Answer 1 of 200: Hi, everyone, I bought tickets on Asiana in January for trip (April 8-18) to Japan with one day/night layover in Seoul on the way back to JFK. Korean Air says it will acquire Asiana Airlines for $1.62 billion in a major restructuring of the Korean aviation market as the global coronavirus pandemic batters the industry worldwide. In a statement, Hanjin said the deal to acquire Asiana will “stabilise the Korean aviation industry, which is suffering from the COVID-19 pandemic.” “The company made the decision to help the country’s airline industry continue to grow (amid uncertainties) and minimise the injection of public funds (into Asiana),” Korean Air Chairman Cho Won-tae said in a statement . SEOUL: South Korean flag carrier Korean Air said Monday it will buy out its smaller, troubled rival Asiana Airlines in a $1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic. SEOUL -- Shareholders of Asiana Airlines on Monday approved a 3-to-1 share capital reduction plan, paving the way for rival Korean Air Lines to buy the debt-ridden carrier. For more news about the novel coronavirus click here. The reduction in share capital will help Asiana offset part of its deficit, which reached 1.5 trillion won ($1.3 billion) as of September, up from 881 billion won in December 2019. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. The nearly two-hour journey will take place on an Asiana A380 superjumbo passenger jet that has been grounded in the wake of the coronavirus pandemic. Cookie Policy To save costs, the company will further cancel or minimize the planned events, including the company’s 32nd celebration of the founding day and the reward bonus for celebration, Asiana said. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. I love Mecenat is a mecenat company that practices social contributions through mecenat activities. © Getty Images, Korean airline merger faces debt burden and antitrust concerns, Korean Air's Asiana deal hits turbulence as stakeholder objects, Korean Air to take over Asiana in $1.62bn deal backed by Seoul, Asiana Airlines shares jump as Seoul considers sale to Korean Air, South Korea's airline M&A left adrift by the pandemic. due to the recent COVID-19 outbreak, we will be extending the validity of your mileage that is due to expire this year for 1 year. To find out more, please click this link. In a statement, Hanjin said the deal to acquire Asiana will “stabilize the Korean aviation industry, which is suffering from the COVID-19 pandemic.” “The company made the decision to help the country’s airline industry continue to grow (amid uncertainties) and minimize the injection of public funds (into Asiana),” Korean Air Chairman Cho Won-tae said in a statement . 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