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S. Korean Contractor SJ Chosen as Final Bidder for Eastar Jet

Written: 2021-06-22 19:27:29Updated: 2021-06-22 19:32:54

S. Korean Contractor SJ Chosen as Final Bidder for Eastar Jet

Photo : YONHAP News

Local mid-sized construction company SJ has been chosen as the final bidder to acquire cash-strapped budget airliner Eastar Jet. 

The Seoul Bankruptcy Court on Tuesday approved Eastar Jet’s plan to seal a deal with SJ as requested by Eastar CEO Kim Yoo-sang. The two sides are expected to sign a deal on Thursday. 

The court also accepted the budget carrier’s request to designate a consortium consisting of Kanglim, an affiliate of underwear maker Ssang Bang Wool, and entertainment company IOK, as the secondary bidder. 

Last month, SJ was chosen as a preliminary preferred investor in a “stalking horse bid” process, in which the airliner can choose between the preliminary preferred investor and the winning bidder from an auction. The Kanglim-IOK consortium was initially the sole bidder in the open auction. 

Eastar has been searching for a new investor since 2019 due to financial problems, facing the growing prospect of liquidation as the search dragged on. The airliner applied for a court receivership in January and the Seoul Bankruptcy Court approved the procedure the following month.

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