Korean Air and Asiana have confirmed they will formally launch as an integrated South Korean flag carrier on December 17, after the boards of the two airlines approved the merger on May 13.
Under the arrangement, Korean Air will absorb all of Asiana’s assets, liabilities, rights, obligations and personnel.
The merger follows the initial share subscription agreement signed in November 2020. During the acquisition process, Korean Air oversaw Asiana’s financial and operational restructuring, including the repayment of £1.78 billion in liquidity support provided by the South Korean government and state-led creditors.
In an official statement, Korean Air said it will now pursue the deal as a small-scale merger under Korea’s Commercial Act, allowing a board resolution to replace a general shareholder meeting. However, Asiana will hold an extraordinary general meeting in August to approve the transaction.
Following contract execution, Korean Air will submit its merger application to the Ministry of Land, Infrastructure and Transport. In June, it plans to apply for amended Operations Specifications to bring Asiana aircraft and safety systems under Korean Air’s existing AOC. International regulatory filings will then follow as the enlarged carrier aligns safety management and operational procedures across its network.
The airline is also preparing to invest in lounges, catering, terminal moves, crew training, operational facilities and maintenance infrastructure, including a new engine maintenance plant and an expanded Engine Test Cell near Incheon International Airport.
Korean Air said the integration will strengthen Incheon’s role as a global hub while improving connectivity and transfer efficiency. Separately, Korean Air has unveiled its donated Boeing 747-400 at the California Science Centre’s newly named Korean Air Aviation Gallery in Los Angeles. The aircraft, HL7489 (c/n 27072), flew from 1994 to 2014, completing 13,842 flights and 86,095 flight hours.
