이 기사는 2021년 04월 08일 08:06 thebell 에 표출된 기사입니다.

Cash-strapped Eastar Jet is searching for a new buyer again in an effort to normalize its operation as quickly as possible through a successful sale.

The budget carrier has hired Deloitte Anjin and Heungkuk Securities again to handle its sale and they are discussing possible sale methods, industry sources said on Tuesday. The sale method and timeline are likely to be finalized after the seller reports its strategy to the bankruptcy court as early as next week.

Eastar Jet initially planned to sell itself through a stalking-horse bid process after it began its rehabilitation proceedings. In the stalking-horse bid, the budget carrier could select a preliminary preferred bidder ahead of a public auction in which other bidders submit their prices.

The seller has reportedly distributed teaser letters and started to sound out potential buyers. It hasn’t secured a stalking horse bidder yet.

The carrier has mandated the two advisory firms for the sale again to increase the likelihood of the deal closing.

“Detailed due diligence on Eastar Jet is practically impossible as its back office stopped operation after the shutdown,” said an industry source. “That's why it was expected that the carrier would re-hire those managers, which led the due diligence process during its previous attempt to sell itself.”

The sale could help the carrier receive an air operator certificate (AOC) from the transport ministry. “Eastar Jet’s AOC became ineffective after the shutdown, but its operation may be normalized in the near term if it secures liquidity through the sale and takes its AOC back,” said an industry source.

The sale process of Eastar Jet will officially begin once the carrier posts an announcement on details including a precise timeline for the sale. (Reporting by Seon-young Kim)