Korean Air Finalizes Proposed Integration Plan with Asiana Airlines

Korean Air (KAL/KE) has finalized its proposed merger (PMI) plan with Asiana Airlines (AAR/OZ).　In November last year, Korean Air signed an agreement to subscribe to Asiana Airlines' new shares and perpetual convertible bonds. The finalized PMI plan includes the integration of full-service carriers (FSC) Korean Air and Asiana Airlines, and low-cost carriers (LCC) Jin Air (JNA/LJ), Air Busan (ABL/BX), and Air Seoul (ASV/RS). The PMI plan is expected to improve the efficiency of overlapping routes in the business, diversify passenger and cargo schedules by utilizing enhanced consolidated flights, increase benefits to passengers, and create integration synergies through cost reduction.