Kumho Asiana Group has decided to put its controlling stake in Korea's second biggest carrier -- Asiana Airlines -- up for sale. <br />The move comes as the group tries to avoid a liquidity crisis.<br />Lee Seung-jae reports. <br />Kumho Industrial, the largest shareholder of Asiana Airlines,... says its board has decided to sell its 33-point-4-7 percent stake in the airline,... as part of the group's plan to stave off a liquidity crisis.<br />In a statement on Monday,... the group said the decision was made to sell the controlling stake so the group and the airline can regain market trust.<br />The carrier's subsidiaries, including Air Busan, Asiana IDT and others will be sold together as a package.<br />Kumho Industrial's stake is worth nearly 265-million U.S. dollars,... but adding in premiums for the managing rights of the subsidiaries,... the total value of the deal is expected to top 880-million US dollars.<br />According to Korea Development Bank, the group's main creditor, Kumho's former Chairman Park Sam-koo had requested over 440-million dollars in loans in return for selling the carrier.<br />The group's decision to sell its controlling stake in Asiana Airlines comes amid a group liquidity crisis, as its debts continue to rack up.<br />At the end of last year, Kumho Asiana Group's total liabilities stood at over three billion dollars,... with almost half due to be paid back by the end of this year.<br />However, the most urgent debt is nearly 53 million dollars in bonds that are due by April 25th. <br />If Kumho Asiana Group fails to repay on time,... its credit rating will drop to junk level.<br />So far local conglomerates SK, Hanwha and CJ are among a number of corporations being mentioned as potential buyers for Asiana.<br />Lee Seung-jae, Arirang News. <br /><br />
