Jeju Air "Eastar meets contract termination conditions... Final decision considering government mediation"
"Request for Fulfillment of Contract Precedent Conditions Made, but No Progress Observed"
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[Asia Economy Reporter Yu Je-hoon] Jeju Air, regarding the acquisition and merger (M&A) of Eastar Jet, which is facing a crisis, stated that the conditions for contract termination have been met and that it will make a final decision on whether to terminate the contract considering government mediation and other factors.
Jeju Air released a statement on the morning of the 16th, saying, "Eastar Holdings failed to complete the preconditions of the stock purchase agreement by midnight the previous day, fulfilling the conditions for terminating the stock purchase agreement (SPA)."
Jeju Air added, "Although we received an official letter from Eastar Holdings regarding contract performance the previous day, there was virtually no progress in fulfilling the requested preconditions of the contract."
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Jeju Air emphasized, "However, considering comprehensively that government mediation efforts are underway, we have decided to determine the final decision and timing for notifying the contract termination."
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