Czech Airlines-CSA (Prague) has issued this statement concerning its new investor partner Korean Air (Seoul):
Czech Airlines management engaged in intensive negotiations with all company shareholders regarding their potential investments in the company immediately after the Czech Airlines shareholders unanimously approved a Czech Airlines restructuring plan at the beginning of September.
There has been a significant shift in negotiations with Korean Air. Czech Airlines management has received a letter from Korean Air confirming the company’s decision to become financially involved in the Czech Airlines stabilization process and a proposal of its capital contribution to Czech Airlines.
Czech Airlines management has been reviewing Korean Air’s proposal thoroughly and will present it to Czech Aeroholding management at the earliest date possible. Czech Aeroholding has promised to review Korean Air’s proposal and is also ready to provide Czech Airlines with a capital contribution in the capacity of a private investor.
Czech Airlines appreciates the decision made by Korean Air and views it as a demonstration of strong support by a private shareholder and a positive signal regarding Czech Airlines’ future. Czech Airlines management is convinced that this important move will help stabilize Czech Airlines in the immediate future.
Korean Air has conditioned its capital contribution to Czech Airlines by implicit execution of all measures outlined in the company’s restructuring plan. Czech Airlines management will negotiate additional strategic investments in Czech Airlines with all shareholders upon completion of the entry of Travel Service into Czech Airlines.
Copyright Photo: Rolf Wallner/AirlinersGallery.com. Czech Airlines’ ATR 72-212A (ATR 72-500) F-GRPK (msn 727) with the special 90 Years – 1923-2013 emblem blocks at the gate.