Construction Firm Gets Nod to get Eastar Jet

23 June, 2021
Construction Firm Gets Nod to get Eastar Jet
Midsize construction firm SJ has been chosen as the recommended bidder to obtain cash-strapped budget carrier Eastar Jet, the airline said Tuesday.

A consortium led by underwear maker Ssangbangwool was selected as the follow-up bidder.

SJ offered W110 billion and can now spend in regards to a week conducting homework before signing the deal (US$1=W1,135). Around W70 billion of this money will be utilized to pay back wages and severance pay to Eastar Jet staff and the others to repay creditors.

Industry watchers believe SJ must spend much more to get the ailing carrier back on its feet and wonder if it gets the money. A fresh air operator's license alone would cost around W150 billion.
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