SEOUL: South Korean builder Hyundai Development Co said its consortium has been picked as the preferred bidder for a controlling stake in Asiana Airlines and would inject over US$1.7bil 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 (US$8.3bil) debt, as it battles rising competition from budget airlines and falling tourism traffic to Japan.
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