Korea’s Eastar Jet submits restructuring plan to court

Eastar Jet has submitted its restructuring plans to Seoul Rehabilitation Court by the required - and repeatedly postponed - deadline as part of its intention to finalise an acquisition deal with property developer and golf course owner Sungjeong. However, the low-cost carrier now aims to resume commercial flights early next year rather than by the end of 2021. It will prepare steps to regain its Air Operator’s Certificate (AOC) in or by December, Eastar Jet CEO Kim You-sang told Yonhap News Agency. If Eastar Jet’s debt settlement proposals - which it also submitted to the bankruptcy court - are accepted by two-thirds of its creditors, the court will close the deal. A creditor meeting is set for November. Presenting the plans comes three months after Sungjeong signed a deal to buy an 80% stake in the airline for KRW108.7b won (US$92m) and paid a KRW11b (US$9.3m) deposit. “Once the company receives government approval for flights, it will focus on putting its business back on track as soon as possible,” the CE told the news agency.<br/>