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, May 21 (Korea Bizwire) — Jeju Air Co., South Korea’s biggest low-cost carrier, said Thursday it will raise 170 billion won (US$138 million) by selling stocks as part of self-help measures amid the new coronavirus impact on the airline sector. The rights issue is one of the options that Jeju Air has reviewed to [...]
SEOUL, May 14 (Korea Bizwire) — With the number new confirmed cases of the novel coronavirus linked to clubs in Seoul’s Itaewon neighborhood growing by the day, the aviation industry has decided to strengthen its contactless services. Jeju Air Co., South Korea’s biggest low-cost carrier, said it will introduce contact-free services, such as self-bar code [...]
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 [...]
SEOUL, Dec. 18 (Korea Bizwire) — Jeju Air Co., South Korea’s biggest low-cost carrier, said Wednesday it has signed an initial pact to acquire smaller LCC Eastar Jet, heralding a shake-up in the country’s airline sector. Jeju Air will take over a 51.17-percent stake in Eastar Jet for 69.5 billion won (US$60 million) and sign [...]
JEJU, Jan. 7 (Korea Bizwire) — Jeju Air will replace all disposable goods provided onboard the aircraft, such as cups and napkins, with eco-friendly ones, starting on January 15. The eco-friendly paper cups will be made from natural pulp, and will not be coated with chemicals to prevent the cup from getting soaked with liquid. [...]