News
Property developer purchases South Korea’s Eastar Jet
June 25th 2021
Property developer, Sung Jung Co., is the new owner of South Korea's Eastar Jet, local media has reported. Read More » Under the terms of the deal, Sung Jung Co. will acquire 80% of Eastar for 110 billion won (US$97.6 million). The LCC conducted an auction process to find a new owner after Jeju Air walked away from a takeover in July last year.
Eastar has suspended most of its flights since March 2020. It also has trimmed its fleet and made staff redundant. Its Air Operator Certificate lapsed in May last year. The LCC conducted the auction process in the Seoul Bankruptcy Court.
