Creditors, Kumho Asiana to hold more talks on self-rescue plan

kumho asiana group which owes some 3
billion u.s. dollars to various financial institutions has really been
struggling to revitalize its management since its chairman stepped down last
month and the company was dealt yet another blow late last week after the
Financial Services Commission rejected the company’s self rescue plan Kim dami
with the details the faith of the South Korea’s a number two airline Asiana is
up in the air after creditors and a financial
regulators rejected accumulation as a self-rescue plan last Friday criticizing
its a failure to show sincerity the plan to try and resuscitate the struggling
conglomerate had included handing over the founding families estates as a
collateral including 4.8% held by former chairman parks amused wife and children
and a pledge to a sell-off Asiana Airlines if it fails to meet the
creditors demands in three years in return the conglomerate requested 440
million u.s. dollars worth of financial health from the state-run bank however
as a result of its unsuccessful self rescue plan the pressure is now on to
sell its main affiliate Asiana Airlines meanwhile Chattanooga chairman of the
Financial Services Commission said financial support should be aimed at
resuscitating the company not helping the park family maintain control over it
he also cited reports that a former chairman Bach who stepped down from his
role last month will hand the reins over to his son kumahachi Ana’s issue and its
struggle have revealed flaws of the so-called Chiba management the reason
why it’s in so much depth is because the chairman borrowed so much money under
the company yet he tries to keep his power under his son while creditors are
expected to for Sakamoto to submit a more credible self rescue plan Cuomo
said it will further continue negotiations with its creditors Kim dami
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