April 24, 2020 / 7:26 AM / a month ago

Korean Air to get up to $971 mln support from state-owned banks

SEOUL, April 24 (Reuters) - Two state-owned banks in South Korea said on Friday they will provide up to 1.2 trillion won ($972 million) in liquidity to support Korean Air Lines Co Ltd as the aviation industry reels from the coronavirus crisis.

The country’s biggest carrier has been hit hard by the pandemic as it struggles to deal with plummeting passenger demand. The two banks are Korean Development Bank and Export-Import Bank.

Earlier this month Korean Air said 70% or more of its employees working in South Korea will take a six-month leave of absence as part of the carrier’s efforts to overcome operational difficulties resulting from the coronavirus pandemic. ($1 = 1,234.3300 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Susan Fenton)

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