Eastar Jet searches for M&A investors before going under court management

South Korean budget carrier Eastar Jet is seeking new investors to avoid liquidation after losing its earlier suitor Jeju Air last month. The airline has recruited accounting firm Deloitte Korea, law firm Yulchon, and Heungkuk Securities to tap new M&A candidates, according to industry sources on Tuesday. A Heungkuk Securities official said due diligence would take place within the next two weeks, after which the advisory team would devise a strategy based on the status quo of the troubled budget carrier. Once the M&A proposal is outlined, the airline will file for court management to lead the sale. Jeju Air walked away from its offer to buy the smaller carrier in late July as global air traffic has come to a virtual standstill by the coronavirus pandemic. Two private equity firms are said to be interested in Eastar Jet.<br/>