SEOUL -- South Korea's Eastar Jet has filed for court receivership, a person familiar with the company's plans said, and will continue to seek an investor to stay in business as the coronavirus pandemic weakens budget airlines.
The unlisted, midsized Eastar Jet becomes South Korea's first budget airline to apply for receivership. Court control will let the carrier negotiate with creditors for debt reductions and forgiveness. Eastar had suspended all domestic and international flights on its roughly 20 routes amid the spread of the pandemic.
