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Seoul Bankruptcy Court initiated on February 4 corporate rehabilitation proceedings at Eastar Jet (ESR, Seoul Gimpo ), three weeks after granting the grounded carrier insolvency and providing protection from creditors.Why did Eastar Jet file for receivership?
SEOUL, Jan 15 (Reuters) - South Korea’s Eastar Jet filed for court receivership this week, a Seoul court said on Friday, as the pandemic-hit budget airline fights for its survival, considering options such as a merger and acquisition among strategies to stay in business.What does Seoul bankruptcy court's decision mean for Easter jet?
Seoul Bankruptcy Court's decision, which came just one day after Easter Jet confirmed it had filed for court receivership to find a new investor, paves the way for the AOC-less and near-bankrupt budget carrier to be "rehabilitated" and sold.What is Eastar Jet's rehabilitation plan?
It ordered preservation measures to keep prevent creditors from seizing or selling Eastar Jet’s assets and freeze bonds before its rehabilitation effort begins, paving the way for the financially troubled carrier to find an investor.