Sung Jung chairman Hyoung Nam-sun and Eastar Jet represenative Jeong Jae-sup walk into Seoul Bankruptcy Court in Seocho District, southern Seoul, on Thursday to sign a deal to sell the budget carrier to Sung Jung.
Eastar Jet will be acquired by Sung Jung, a property developer, according to local media reports on Thursday.
A consortium led by Kanglim, an equipment maker run by underwear company Ssangbangwool, was the only bidder in a Monday auction for cash-strapped budget carrier Eastar Jet.
Financially troubled budget carrier Eastar Jet has received letters of intent from some investors for its stake up for sale and will select a final bidder next month.
The National Assembly on Wednesday passed a motion to allow the arrest of a businessman-turned-lawmaker for a criminal investigation.
Eastar Jet's pilots union kicked off a hunger strike Wednesday to protest the budget airline’s laying off of more than 600 employees.
Debt-laden Eastar Jet is laying off more than 600 employees on Wednesday, half of the remaining 1,200 workers at the budget airline.
The aviation industry has been one of the hardest hit by Covid-19. With travel restrictions now in place around the world, airlines have been unable to operate overseas routes. No flights means no money and no work, so airline employees were put...
Throughout his 28-year career, Park Yi-sam enjoyed the perks of living as a pilot. He received a higher salary than his friends and often took his family on overseas trips, not to mention the respect people showed toward him and his family.
Eastar Jet CEO Choi Jong-gu on Thursday accused the company’s pilot union of making false accusations against management and said he will hold them criminally and civilly liable.