Court Initiates Rehabilitation Proceedings for Eastar Jet... Kim Yusang Appointed as Administrator

[Asia Economy Reporter Baek Kyunghwan] The court has initiated the rehabilitation process for Eastar Jet.

On the 4th, the Seoul Bankruptcy Court Rehabilitation Division 1 (Presiding Judges Seo Kyunghwan, Jeon Daegyu, Kim Changkwon) decided to commence the rehabilitation procedure for Eastar Jet. With the initiation of the rehabilitation process, Eastar Jet must submit a rehabilitation plan by May 20.

Two administrators were appointed, including Kim Yusang, CEO of Eastar Jet. Earlier, the Eastar Jet Pilots Union requested the court to exclude the current management from the selection of administrators, but this was not accepted.

Following the decision to commence the rehabilitation process, creditors, secured creditors, and shareholders must submit their lists by the 18th. Claims for rehabilitation debts, secured rehabilitation claims, and stock reports can be filed at the Seoul Bankruptcy Court General Civil Affairs Office from the 19th until the 4th of next month.

Meanwhile, Eastar Jet, which failed its merger and acquisition (M&A) with Jeju Air last year, had planned to apply for corporate rehabilitation after selecting a preferred bidder. However, as companies interested in acquisition felt burdened, Eastar Jet reportedly applied for the rehabilitation process first.

This content was produced with the assistance of AI translation services.