May 13, 2020 / 8:38 AM / 12 days ago

Korean Air says to issue new shares worth about $817 mln

SEOUL, May 13 (Reuters) - South Korea’s largest airline, Korean Air, said on Wednesday its board decided to sell about 1 trillion won ($816.55 million) in shares to raise funds as airlines’ finances come under strain from grounded fleets due to travel restrictions and crippled demand from the coronavirus pandemic.

The fundraising comes on top of state-owned banks in South Korea announcing last month they will provide 1.2 trillion won in liquidity to support Korean Air. ($1 = 1,224.6700 won) (Reporting by Joyce Lee, editing by Louise Heavens)

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