Bidding for Eastar Jet Starts Again
14 June, 2021
The bidding for troubled budget airline Eastar Jet started all over again Monday following the last handle Jeju Air fell through.
Interested buyers will submit their letters of intent prior to the Seoul Bankruptcy Court, which administers the carrier, chooses the final bidder around June 21 predicated on price, funding plan and business strategy.
Eastar Jet has already chosen one bidder in the preliminary stage, but that could change if an improved offer is made.
The chosen bidder will spend around a week conducting homework on the carrier so the deal could be signed in early July. Industry watchers believe Eastar Jet will go for around W100 billion considering its debts and back wages it owes staff (US$1=W1,115).
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