Eastar Jet Receives Court Approval for M&A... Acquisition Negotiations Accelerate
Eastar Jet has notified 605 employees of layoffs, raising concerns about mass unemployment in the aviation industry. On the 9th, officials are preparing for an extraordinary shareholders' meeting at Eastar Jet headquarters in Gangseo-gu, Seoul. Photo by Kim Hyun-min kimhyun81@
View original image[Asia Economy Reporter Dongwoo Lee] Eastar Jet announced on the 24th that it has received approval from the Seoul Bankruptcy Court to proceed with a merger and acquisition (M&A).
An Eastar Jet official stated, "Although debt and credit matters must be finalized before M&A approval, the court granted preliminary approval considering the urgency."
Eastar Jet plans to select a preferred bidder by May 20 and then submit a rehabilitation plan to the court. With official approval for the M&A, negotiations with the prospective acquirer are expected to accelerate rapidly.
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The Eastar Jet Workers' Solidarity issued a statement on the same day, expressing "welcome for the court's wise and appropriate measures."
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