Bidding for Eastar Jet Starts Again

The bidding for troubled budget airline Eastar Jet started all over again Monday after the last deal with Jeju Air fell through.

Interested buyers will submit their letters of intent before the Seoul Bankruptcy Court, which administers the carrier, chooses the final bidder around June 21 based on price, funding plan and business strategy.

Eastar Jet has already chosen one bidder in the preliminary stage, but that could change if a better offer is made.

The chosen bidder will spend around a week conducting due diligence on the carrier so the deal can be signed in early July. Industry watchers believe Eastar Jet will go for around W100 billion considering its debts and back wages it owes staff (US$1=W1,115).