S. KOREAN EASTAR JET FOUNDER SUSPECTED OF EMBEZZLEMENT

Highlights –

• S. Korean Eastar jet founder suspected of embezzlement.
• Jeonju prosecution on Friday sought an arrest warrant for the founder.
• The opposition People Power Party and the labor union of Eastar Jet had filed complaints again...

EASTAR JET RETRENCHES HALF OF WORKFORCE TO ATTRACT INVESTORS

• Eastar Jet Co. said Tuesday it will retrench more than half of its workforce this week as it doubles up to find a new investor after Jeju Air Co. dashed hopes of acquiring the smaller budget carrier amidst the coronavirus pandemic.
• Eastar plans to deliver pink slips to 605 of s...

BUSINESS NUANCES: LAUNCHING AN AIRLINE AMIDST PANDEMIC

• Setting out on an incredulous journey! This is what you would call if you were owner of an airline at such a devastating time when every sector worth its salt has been enduring unrelenting downtimes due to the pandemic.
• Furthermore, Airline sector has been the worst hit, scampe...

JEJU AIR PLANS TO PULL OUT FROM THE MERGER DEAL WITH EASTAR JET

Highlights –

• Jeju Air plans to pull out from the merger deal with Eastar Jet.
• Eastar Jet had failed to meet the deadline to fill its pre-requisites.
• The deal between the two airline companies was of $45 million.
• Unpaid wag...

SOUTH KOREA'S JEJU AIR MAY SCRAP PLAN TO TAKE OVER EASTER JET

HIGHLIGHTS

• Jeju Air Co Ltd is having second thoughts about take over Eastar Jet.
• Jeju is reconsidering its decision due to air travel reducing all over the world due to coronavirus.
• The diplomatic feud between South Korea and Japan is also ...

JEJU AIR TO BE FINANCIALLY SUPPORTED BY STATE LENDERS

Highlights –

• South Korean local commercial lenders will help Jeju Air in the acquisition process of Eastar Jet
• A loan amount of $164 billion to facilitate Jeju Air
• Jeju Air will purchase 51.17 percent of stake in Eastar Jet

EASTAR JET ACQUIRED BY JEJU AIR

HIGHLIGHTS –

• Jeju Air to acquire Eastar Jet, take over management
• Crisis in South Korean aviation market due to COVID-19
• Jeju Air plans to maximize operational efficiency

According to South Korea’s low-cost ai...

EASTAR JET REDUCING EMPLOYEE SALARIES BY 30% AMID COVID-19

Highlights –

• Eastar Jet losing business
• Reducing employee salaries by 30%
• Temporary measures till June 2020.

The effects of COVID-19 continues to strike the South Korean business industry. According to Eastar Jet, S...