Asiana Airlines best should be sold in package with its budget sisters and other support units under its family, said Lee Dong-gull, chairman of state-lender Korea Development Bank (KDB), the main creditor of the country’s second-largest full-service carrier.

“It would be ideal for the Asiana Airline family to be sold in a package as the units have been set up for synergy effect for airline services,” Lee told a press conference Tuesday after the board of Kumho Industrial Co. , the holding entity for Kumho Asiana Group, on Monday approved the scheme to hand over its entire stake in Asiana Airlines as demanded by creditors in return for extension in debt relief and fresh rescue loans.

Lee added that the lender will discuss with the parent Kumho Asiana Group if it becomes necessary for the units to be sold separately, but it respects the conglomerate’s proposal to sell them altogether for synergy.

Kumho Industrial put up a 33.5 percent stake in the carrier in a new self-rescue plan after creditors rejected the earlier one and demanded more bold measures for the airline to receive financial aid. The proposal also involved selling Asiana Airlines units including budget carrier Air Busan and Air Seoul in bulk.

With regard to the new proposal, Lee said that Kumho Asiana Group took the first step for Asiana Airlines to normalize its business and improve corporate value.

Lee refused to give out desired price for the airliner, but denied the airliner was saddled with a debt pile of 7 trillion won ($6.2 billion). Its debt amounts to half of it - 3.6 trillion won to 3.7 trillion won – and the buyer won’t have to assume the entire lot, he added.

Some of the debt would be converted into equity and will be counted in the bid price, he said, indicating the deal could be less than rumored 1 trillion won to 2 trillion won.

“The actual acquisition price in theory won’t be that big as some of the capital will stay with the company to strengthen the business,” he said in obvious attempt to add appeal to the deal.

Due to the bulky size, few have come forward. SK and Hanwha Group were dubbed as potential bidders, but both denied any interest.

Creditors plan to come up with a financial support plan for Asiana Airlines by April 25. They will then sign a memorandum of understanding on the support measures before Kumho Industrial launches public sale of Asiana Airlines.

By Lee Seung-yoon and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]