Eastar Jet Looks for New Buyer

Low-cost carrier Eastar Jet is looking for a new buyer after a sale to Jeju Air fell through.

Since the failed deal, Eastar Jet has been put into a court-mediated rehabilitation program. It said Monday that it will accept letters of intent for bids until May 31.

Earlier, Eastar Jet reportedly signed an agreement with an unidentified company for investment on condition that it will eventually buy the budget airline, but a higher bidder would be able to override that.

Jeju Air agreed to buy Eastar Jet in 2019, but the deal fell through due to the coronaviurus pandemic, and Eastar Jet's owner was also accused of transferring assets to his children by illicit means.