Eastar Jet seeks new buyer with job cuts, restructuring: reports

South Korea’s Eastar Jet is going ahead with plans to cut 605 jobs as part of its efforts to attract a new investor, according to local media reports. Further job cuts are expected following additional restructuring measures, broadcaster KBS World reported on 13 October. The move is part of the low-cost carrier’s efforts to find a new investor after compatriot Jeju Air in July scrapped plans to acquire a 51% stake in Eastar, news agency Yonhap reported on 21 September. Eastar’s senior VP Kim You-sang was quoted as saying: “Our lead managers and two private equity funds [that have an interest in investing in Eastar] want the company to reduce our fleet and workforce, among other things.” Then, the carrier said it plans to maintain 590 employees across divisions, just enough to operate six aircraft, and that none of the maintenance roles were affected.<br/>