Hyundai wins bid for stake in Asiana Airlines, to inject over $1.7b

Photo: Asiana Airlines's Facebook page

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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter