Hanjin Group speeds up asset divestments to cope with pandemic |
A promotional photo of an aircraft of Korean Air Lines, an aviation arm of Hanjin Group. (Korean Air Lines)
Hanjin Group, which controls South Korea‘s largest aviation firm Korean Air Lines, is speeding up asset divestments to secure cash in an apparent effort to cope with the COVID-19 pandemic, filings showed Sunday.
Hanjin Group’s holding company Hanjin KAL is poised to sell a 100 percent stake in a golf course developer Jedong Leisure to an undisclosed buyer for 23 billion won ($20.9 million). The company, located in Jeju Island, has sought to lay out a golf course development project in eastern Gyeonggi Province, only to face road blocks due to regulations.