Hyundai Development Company's bid to take over Asiana Airlines appears to have fallen through after ten months of negotiations.

According to industry sources, HDC sent an email to Korea Development Bank(KDB), the airline's main creditor, on Wednesday and reiterated its demand for another round of due diligence on the carrier for a duration of 12 weeks, which the bank had already rejected.

HDC insists further due diligence on the carrier is necessary, because conditions have changed markedly since last December when the takeover deal was first signed, due to the coronavirus pandemic.

HDC chairperson Chung Mong-gyu and Korea Development Bank chief Lee Dong-gull met last week to discuss all possible options to push forward the stalled deal.

During the meeting, Lee is known to have offered final terms to alleviate the takeover burden for HDC in consideration of the virus situation.

But following HDC's repeated request for due diligence, creditors have likely concluded that the property developer is not serious about acquiring the airline.