SEOUL, Sept. 11 (Korea Bizwire) — The prolonged impact of the new coronavirus on the airline industry has derailed two major deals in the aviation sector here, triggering concerns of massive layoffs and the overhaul of the country’s airline industry amid worsening business conditions. On Friday, Kumho Industrial Co., which owns Asiana Airlines Inc. notified [...]
SEOUL, Sept. 7 (Korea Bizwire) — Embattled Eastar Jet Co. said Monday it will reduce its workforce by more than half as part of efforts to find a new investor after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus pandemic. Eastar plans to lay off 605 of its [...]
SEOUL, July 23 (Korea Bizwire) — Debt-ridden Eastar Jet Co. may face bankruptcy after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the new coronavirus’ impact on the airline industry, sources said Thursday. Jeju Air, South Korea’s biggest low-cost carrier, said earlier in the day that it has decided to [...]
SEOUL, June 29 (Korea Bizwire) — Eastar Jet Co. said Monday its founding family members will donate their stake in Eastar in a move to bring Jeju Air Co.’s stalled takeover of the smaller budget carrier back on track amid concerns over potential rupture. Rep. Lee Sang-jik of the ruling Democratic Party, Eastar Jet’s founder, [...]
SEOUL, June 26 (Korea Bizwire) – Jeju Air Co.’s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake [...]
SEOUL, June 22 (Korea Bizwire) — Jeju Air Co., South Korea’s leading low-cost carrier, has been at odds with Eastar Jet Co. over Eastar’s demand for the shouldering of some of its overdue wage payments, industry officials said Monday, a move that could act as a possible deal breaker. The dispute comes seven days before [...]
SEOUL, April 6 (Korea Bizwire) — Eastar Jet Co., a South Korean low-cost carrier, said Monday it will cut one-fifth of its workforce as it strives to stay afloat amid the growing impact of the coronavirus on the airline industry, but the proposed layoffs are smaller than originally thought. The planned job cut at Eastar [...]
SEOUL, March 21 (Korea Bizwire) — South Korean low-cost carrier Eastar Jet Co. will shut down all of its flights, company officials said Saturday, amid a travel slump triggered by the novel coronavirus pandemic. Eastar Jet will halt operation of its domestic flights from Tuesday to April 25, according to the officials. The budget carrier [...]
SEOUL, March 2 (Korea Bizwire) — Jeju Air Co., South Korea’s largest low-cost carrier, said Monday it has signed a deal to acquire Eastar Jet for 54.5 billion won (US$45 million) as part of its expansion strategy. Jeju Air was originally planning to sign a share purchase agreement with Eastar Holdings by December to acquire [...]
SEOUL, Dec. 30 (Korea Bizwire) — Jeju Air Co., South Korea’s largest low-cost carrier, said Thursday it has postponed the signing of a deal to acquire Eastar Jet as it takes more time to conduct due diligence on the smaller budget carrier. Jeju Air was originally set to sign a share purchase agreement with Eastar [...]