Eastar Jet Reacquires AOC from Ministry of Land, Infrastructure and Transport... Flight Resumption Imminent

Eastar Jet announced that it has passed all comprehensive verifications related to the safety operation system, including emergency evacuation training conducted by the Ministry of Land, Infrastructure and Transport, and received reissuance of its Air Operator Certificate (AOC) on the 28th. Eastar Jet, which lost its AOC validity after suspending operations in March 2020 due to the COVID-19 pandemic, has now regained the qualification to operate flights again after about three years.

During this period, Eastar Jet faced difficulties such as entering rehabilitation procedures and continuing a state of complete capital erosion due to rapid changes in the macroeconomic environment. However, in January, the private equity fund VIG Partners, which acquired 100% of the company’s shares, injected a large-scale fund of 110 billion KRW, accelerating normalization. With this investment, Eastar Jet has established the strongest financial structure since its founding and has been making every effort to provide customers with a safe travel experience and high-quality service once again.

Eastar Jet plans to faithfully complete all necessary procedures before the full resumption of operations and, once all procedures are completed as scheduled, will resume flights starting with the Gimpo-Jeju route at the end of March. Afterwards, the company plans to establish concrete strategies to generate stable revenue, including the introduction of new aircraft and route expansion. In the mid to long term, Eastar Jet aims to contribute not only to the company’s growth but also to the development of the entire domestic aviation industry by focusing on training aviation experts and revitalizing regional airports.

Jo Jung-seok, CEO of Eastar Jet, said, “I am pleased that the company-wide efforts made over the past several months for Eastar Jet’s new takeoff have borne fruit. Moving forward, we will devote all our efforts to enhancing the two values of safety and customer satisfaction and do our best to ensure that Eastar Jet is recognized once again as the most trusted low-cost carrier by the public.”

Shin Chang-hoon, Vice President of VIG Partners, stated, “The resumption of Eastar Jet’s operations is a positive development for the entire aviation industry as it adds an attractive option for the public seeking high-quality travel services at reasonable prices. We will continue to pay close attention and make efforts until Eastar Jet is fully normalized and reborn as the best low-cost carrier.”