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  • It's the first big consolidation in the airline industry since the global travel slump began.

  • Korean Airlines is taking charge at a Jonah.

  • It will invest about $1.6 billion to become the largest shareholder in its local rival.

  • The pair hope that working together will help them survive the ongoing collapse in demand.

  • It's also likely a relief for heavily indebted a Ziana, which was kept going in September by a cash injection from creditors to pay for the deal.

  • Korean Air says it will issue new shares next year, with any excess funds raised used to pay off debts.

  • The airline says it expects the deal to be finalized by the second half.

  • Combining the two firms will mean up to 1000 overlapping roles, but for now the plan is to avoid compulsory redundancies.

  • The tie up will also integrate the two airlines budget carriers, including Airbus on and Air Soul.

  • It all marks the biggest shake up in South Korea's air travel market since a Ziana was founded ahead of the 1988 Seoul Olympics.

  • The new carrier will command about 60% off international routes from the country.

It's the first big consolidation in the airline industry since the global travel slump began.

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B1 korean airline air deal air travel consolidation

Korean Air takes over at Asiana in $1.6 billion deal

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    林宜悉 posted on 2020/11/18
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