South Korean builder HDC Hyundai Development Co. has received approval from Russian aviation authorities for HDC’s takeover of Asiana Airlines. The closing date for the deal was postponed following a delay in Russia’s approval. The company said renegotiations of the acquisition terms is still underway and it has requested Asiana’s creditors review the acquisition status since negative situations have been impacting the takeover deal. Regarding the merger deal, HDC had to receive approval from six of the nations that Asiana flies to. Since the outbreak of the coronavirus in January, Asiana has scaled back services on 79 percent of its China routes and suspended most of its international routes, raising concerns that HDC might back away from its plan to acquire the company for $1.83 billion.
