News
Suitors lining up for Eastar Jet, Korea media reports
June 2nd 2021
At least 10 entities have submitted Letters of Intent (LoI) to purchase South Korean LCC, Eastar Jet, The Korea Herald has reported, citing sources close to the industry. Read More » The list includes a poultry producer, an underwear maker, a crane manufacturer and private equity investors. It was reported last month Eastar Jet hoped to complete a stalking horse auction, which involves a preferred bidder setting a floor on the price, and then select a financial partner by June 14. Last July, Jeju Air walked away from a takeover of Eastar Jet, claiming violations in the purchase contract and the impact of the coronavirus pandemic for the deal’s collapse. Most of LCC’s flights have been suspended since March 2020.
