Eastar Jet Selects Sale Advisor... Accelerates Resale Process

Deloitte Anjin - Heungkuk Life - Yulchon

[Asia Economy Reporter Yu Je-hoon] Eastar Jet is actively pursuing a resale process after the failure of the merger and acquisition (M&A) with Jeju Air.

According to the aviation industry on the 18th, Eastar Jet selected Deloitte Anjin Accounting Firm, Yulchon LLC, and Heungkuk Securities as the sales agents and plans to begin the full-scale resale process.

Eastar Jet plans to conduct an accounting due diligence for about two weeks through the accounting firm, and if a new investor is secured, it intends to negotiate acquisition conditions, apply for court receivership, and proceed with rehabilitation procedures. This is due to concerns that if court receivership is applied for without attracting a new investor, liquidation procedures may follow.

Previously, after the failure of the M&A with Jeju Air, Eastar Jet had been in talks with one or two private equity funds (PEFs) and was negotiating acquisition. An Eastar Jet official explained, "After due diligence, if a new investor is confirmed, we expect to attract a strategic investor (SI) and conclude the acquisition through rehabilitation procedures."

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