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Several weeks ago it offered to buy Kumho Asiana's holding at a 30% premium to the market price.
ECONOMIST: Restructuring South Korea's chaebol
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Regulators say that they have been urging banks to take a hard line with nine struggling chaebol, including Kumho Asiana.
ECONOMIST: Restructuring South Korea's chaebol
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In addition to Daewoo, Kumho Asiana owns Asiana, the country's second-biggest airline, and petrochemical, tyre, life-insurance, resort and transport businesses.
ECONOMIST: Restructuring South Korea's chaebol
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In Korea, investigators from the Fair Trade Commission raided offices of Korean Air and Asiana, the country's two largest airlines.
BBC: NEWS | Business | Air cartel probe expands to Asia
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With the latest warning, South Korean air carriers Korean Air and Asiana Airlines have added detours to about 14 daily flights.
CNN: S. Korea reroutes flights, cites 'threat'
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That would still leave Kumho Asiana about 1.7 trillion won short of its obligations under the put option, according to CLSA, a broker.
ECONOMIST: Restructuring South Korea's chaebol
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Asiana, a local airline, has stopped serving snacks on domestic flights.
ECONOMIST: All this, and a Korean election too
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Korean Air's main domestic rival, Asiana, is in dreadful shape.
ECONOMIST: Korean Air
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So Kumho Asiana needs to find another 4 trillion won.
ECONOMIST: Restructuring South Korea's chaebol
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Korea has also been wooing mainlanders by granting visas upon arrival at Kimpo Airport, increasing Korean Air and Asiana flights to Seoul and Cheju Island and by assigning 35 travel agencies to cater to Chinese tourists, 210, 000 of whom are anticipated this year.
CNN: ASIANOW - TIME Asia | Travel Watch
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Moreover, the 18 South Korean banks and other investors that had bought almost 40% of Daewoo alongside Kumho Asiana are likely to exercise an option in December to sell the conglomerate their shares at a price of 31, 500 won over three times the level of June 26th.
ECONOMIST: Restructuring South Korea's chaebol