Korean Air has finalised a post-merger integration plan with Asiana Airways after receiving affirmation from the Korea Construction Financial institution.
In November, Korean Air signed a deal to obtain Asiana’s new stocks and perpetual convertible bonds.
After the contract, Korean Air completely performed due diligence and created the post-merger integration plan, which it submitted to the Korea Construction Financial institution in March.
For 3 months, the state-owned financial institution reviewed the plan and made revisions in session with Korean Air, the ministry of land, infrastructure and delivery, and different related companies.
The finalised plan comprises integration plans for the airways’ full-service carriers and cheap carriers; measures to unravel restrictions of conserving corporations stipulated within the Truthful Industry Act; employment retention and succession of collective agreements and plans to successfully reorganise related subsidiaries.
The newly built-in world airline will building up operational potency of overlapping passenger and load routes, whilst diversifying its schedules and increasing alternatives for brand spanking new routes, which can building up buyer advantages and create built-in synergy by way of lowering prices, a observation mentioned.