이 기사는 2019년 10월 25일 08:00 thebell 에 표출된 기사입니다.

The sale of South Korea's Asiana Airlines faces a tough path ahead, as the parties involved sit at the negotiation table.

Credit Suisse, the lead manager of the sale, plans to take feedback from three shortlisted bidders on the contract draft, which was sent to them a week ago, until October 25, according to an investment banking industry source. The shortlisted candidates include a consortium of Hyundai Development Co and Mirae Asset Daewoo, a consortium of Aekyung Group and Stonebridge, and a consortium of KCGI and BankerStreet PE.

Feedback collected will be conveyed to the seller, Kumho Industrial Co., and its main creditor Korea Development Bank (KDB). Industry watchers see there is a possibility that the terms could be partly changed, as there has been some criticism that the draft is biased for the seller.

"It's a chance for the candidates to improve the terms of the contract which looks too much biased for the seller, though it remains to be seen whether or not their demand would be accepted," a person familiar with the deal said.

After the tentative terms of the sale were revealed, the bidders have raised their voices in complaint about the seemingly onerous contract draft, which apparently has been prepared with the intention of the airline's weary creditors, especially the KDB, to collect all debts with the deal. For example, the lower limit price for acquiring the airline's new shares which will be issued to a new owner was set at 800 billion won ($682 million), the amount its creditors recently provided to rescue the airline.

Kumho Industrial, Asiana's parent company, also reportedly added a clause on the use of its logo, which requires the counterparty either to make a contract with the seller to keep using it, or to change the logo within three months after the acquisition.

"Because Asiana doesn't have its own aircraft-painting facilities, [if the logo is changed,] planes need to get a new logo painted on in China or other regions. Giving an only three-month period apparently means the seller intends to use the logo rights to turn the negotiation in its favor," said a person involved in the deal.

With a view that there is not much room for negotiating the price, some candidates reportedly plan to take an approach of focusing on non-financial factors, like the logo rights and the target's legal issues with other affiliates of Kumho Group, at the negotiation table.

"The final bidding round is still two weeks away, but the negotiation has in effect begun," said another industry source. Kumho Industrial and the KDB aim to sign the deal with a new owner within the year.

(By reporter Choi lk-hwan)