HDC calls for renegotiations over Asiana acquisition amid virus SEOUL , June 9 ( Yonhap ) -- HDC Hyundai Development Co . on Tuesday called for renegotiations with creditors over its planned acquisition of Asiana Airlines Inc . due to the growing impact of the new coronavirus on the airline industry . In December , HDC Hyundai Development formed a consortium with Mirae Asset Daewoo to sign a deal to acquire a 30 . 77 percent stake in Asiana from Kumho Asiana Group , as well as new shares to be issued and Asiana ' s six affiliates , for 2 . 5 trillion won ( US $ 2 . 2 billion ) . But Airlines , hit hard by the COVID - 19 pandemic , have suspended most of their flights on international routes since March and posted hefty losses in the first quarter . This file photo shows a Asiana Airlines ' plane and HDC ' s company logo . ( Yonhap ) " We are still committed to acquiring Asiana , but we want the ( main creditor ) Korea Development Bank and related parties to renegotiate the acquisition terms to reflect the current market conditions and the company ' s current financial status , " HDC said in a statement . HDC described the ongoing virus crisis as a " never expected and very negative factor , " which will affect its planned acquisition of the country ' s second - biggest carrier . Asiana ' s net losses for the January - March quarter deepened to 683 . 26 billion won ( US $ 555 million ) from 89 . 18 billion won a year earlier . HDC had reiterated its plan to acquire Asiana , dismissing speculation that it may have difficulties in taking over the company due to the economic fallout from the coronavirus outbreak . Regulators in the United States , China , Kazakhstan , Uzbekistan , Turkey and South Korea approved HDC ' s planned takeover of Asiana . Russia is the only remaining country that is still reviewing the integration . To help Asiana stay afloat , the country ' s two state lenders -- the Korea Development Bank ( KDB ) and the Export - Import Bank of Korea ( Eximbank ) -- plan to inject a combined 1 . 7 trillion won into Asiana . Last year , the two policy banks extended a total of 1 . 6 trillion won to the cash - strapped carrier . In its latest self - help plans , Asiana has had all of its 10 , 500 employees take unpaid leave for 15 days a month since April until business circumstances normalize . Asiana ' s executives have also agreed to forgo 60 percent of their wages , though no specific time frame was given for how long the pay cuts will remain in effect . kyongae . choi @ yna . co . kr ( END )