South Korean builder Hyundai Development Co said on Tuesday its consortium has been picked as the preferred bidder for a controlling stake in Asiana Airlines and would inject over $1.7 billion into the debt-ridden carrier.
The deal would draw a line under a tumultuous period for the country’s No.2 carrier which is saddled with 9.6 trillion won ($8.3 billion) debt, as it battles rising competition from budget airlines and falling tourism traffic to Japan.
