jun
In Parts Built
A Newbie from South Korea.
Posts: 7
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Post by jun on Apr 1, 2019 13:29:02 GMT 1
Orders for A350 maybe under threat The present financial situation is indeed gloomy. They need to replace a large part of their fleet, especially their eight 777-200 ER, but they may have ordered too many A350s, or arranged too early delivery dates. A deferment of some deliveries is likely, in my opinion. As a South Korea citizen, I heard that there are talks about retiring old fleet sooner than scheduled. My guess is 8x 767s and 2x 747s as they are in service for 20+ years. I agree the delivery schedule for A350s will be affected, and the option for 10x A350s will most likely be scrapped. For the route restructuring, I am not sure how many destinations will be out as most of its routes have very high load factor. I believe some route to Japan and China will have to be shuffled. Asiana has good flow of cash from the sales but it has too many bonds payable and aircraft lease payments. If it writes off the bad sector somehow, the company itself has pretty solid cash cow from its operation. This company, like many others in South Korea, is 'owned' by an individual through some fancy tricks. The bank wants the 'owner' to give up the company, but the owner wants to 'somehow' shake off the debt and come back t take the ownership. I don't see this happening and it will not be surprising if the someone else buys this airline in the very near future, or the company goes bankrupt.
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Post by marlibu on Apr 1, 2019 13:42:54 GMT 1
jun, Thanks for that very enlightening response. hopefully it's not as drawn out and tedious as the HNA saga, but, this is an Airline, so let's see what happens.
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on Apr 2, 2019 9:36:24 GMT 1
Thank you, jun !
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jun
In Parts Built
A Newbie from South Korea.
Posts: 7
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Post by jun on Apr 15, 2019 12:12:22 GMT 1
A quick update from Korea that Asiana is to find a new owner. Its parent company Kumho has decided to sell off its airline to avoid default as it is in serious financial turmoil. South Korean government does not allow foreign company to operate an airline in the territory so the new owner will be one of the local entities.
SK corp., a mobile service giant and IT player next to Samsung is on top of the list of candidates. Market price for a share almost doubled since this change. The delivery schedule of 4 A350's and 2 A321's will not be affected but there will be some changes foe next year.
It is a great news for Asiana itself as it will be able to write off the bad part. The new owner will try to get rid of old fleet and bring in new planes so I may predict it will accelerate bringing in more A350's next year. Like I pointed out in my earlier post, Asiana has no problem selling seats in its planes.
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Post by stealthmanbob on Apr 15, 2019 16:19:28 GMT 1
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Post by stealthmanbob on Apr 23, 2019 10:57:37 GMT 1
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on Apr 23, 2019 14:40:34 GMT 1
We already had some posts on Asiana's financial situation. Have they all been deleted, or have we two threads ?
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Post by stealthmanbob on Apr 23, 2019 14:55:08 GMT 1
We already had some posts on Asiana's financial situation. Have they all been deleted, or have we two threads ? Those posts I think are spread out in Aircraft type threads etc.... a mod ca350 could move them here if they were just general Asiana Airlines problems posts ?
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Post by ca350 on Apr 23, 2019 17:03:19 GMT 1
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on Apr 23, 2019 17:13:57 GMT 1
Thank you, ca350 !
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