Established in 2007, Eastar Jet is a low-cost airline based in Seoul, South Korea. The carrier operates to destinations within South Korea as well as international destinations in Asia from Eastar hubs, Seoul and Cheongju. Gimpo International Airport is the carrier's main base. In Mar-2020, JEJU air signed an agreement with Eastar Holdings to acquire a 51.17% stake in Eastar Jet for KRW54.5 billion (USD46 million). On 23-Jul-2020, JEJU air suspended plans to acquire a 51.17% stake in Eastar Jet.
On 20-Mar-2020, Eastar Jet announced plans to temporarily suspend all domestic services from 24-Mar-2020, after suspending all international services in early Mar-2020 due to the coronavirus pandemic, becoming the first Korean airline to suspend all operations.
South Korea's Ministry of Land, Infrastructure and Transport (MOLIT) suspended Eastar Jet's air operator's certificate (AOC) on 23-May-2020, due to the LCC's suspension of operations for more than 60 days.
On 04-Feb-2021, Seoul Bankruptcy Court commenced corporate rehabilitation proceedings for Eastar Jet. The LCC was required to submit a corporate rehabilitation plan to the Court by 20-May-2021. Seoul Bankruptcy Court extended the deadline for Eastar Jet to submit a corporate rehabilitation plan to the Court until 20-Jul-2021.
Eastar Jet plans to submit a corporate rehabilitation plan to Seoul Bankruptcy Court on 17-Sep-2021. The LCC aims to secure the reinstatement of its air operator's certificate (AOC) by the end of 2021 and resume domestic services in 2022.
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