The South Korean government held a meeting this morning to discuss ways to boost the competitiveness of local industries.
One of the main agendas was a plan by creditors to support South Korea's cash-strapped Asiana Airlines.
Ko Roon-hee reports.
South Korea's finance minister says the creditors of Asiana Airlines plan to inject around one-point-four billion U.S. dollars to ease its parent company's liquidity crisis.
Attending a meeting of various economy-related ministers on Tuesday, Hong Nam-ki said creditors led by the state-funded Korea Development Bank will buy around 438-million U.S. dollars worth of perpetual bonds and set a credit limit of 700-million dollars.
Credit limit means the maximum amount of credit that lenders will extend to a debtor for a particular line of credit.
This comes after creditors accepted Kumho Asiana Group's self-rescue plan earlier this month...which included selling its flagship Asiana Airlines.
Hong added the firm will strive to improve its business conditions...and push for merger and acquisitions by the end of the year.
Another big issue besides Korea's second-biggest air carrier was updating the public about the government's so-called 'crisis zones' for industry and employment.
These zones refer to areas that rely on certain industries such as shipbuilding...where many people can face lay-offs if that specific field struggles.
The government has been providing financial and job support to the regions.
Hong said the government will extend the appointed period until May 2021 in five regions, including Geoje city in Gyeongsangnam-do Province.
Ministers also discussed ways to revitalize South Korea's shipbuilding industry.
Specific measures include increasing the number of professional personnel in the field...and providing more support in terms of refund guarantees.
Ko Roon-hee, Arirang News.