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SJ set to take over Eastar Jet Midsized real estate developer confirms its intention to buy budget carrier

Translated by Kim So-in 공개 2021-06-22 08:26:04

이 기사는 2021년 06월 22일 08:14 더벨 유료페이지에 표출된 기사입니다.

Market insiders are paying attention to whether SJ, a South Korean midsized real estate developer, will be the new owner of Eastar Jet after it confirmed its intention to acquire the financially struggling budget carrier.

Stalking-horse bidder SJ had proposed 65 billion ($57 million) to Eastar Jet, while a consortium led by equipment maker Kanglim has offered nearly 110 billion won and a payment of priority claims. In response, SJ has accepted to raise its offer.

SJ will likely to acquire the airline for around 100 billion won including debts. If the court grants an approval for the takeover, the seller is expected to sign the contract and negotiate the reimbursement rate.

The sale advisor Deloitte Anjin requested SJ to clarify its intention on Thursday and SJ confirmed to exercise its preferential right as the stalking-horse bidder in the acquisition deal, industry sources said.

The consortium led by Kanglim offered a bidding price of 110 billion won on June 14, more than 35 billion won higher than the price proposed by SJ.

SJ seems to have offered the acquisition price of 65 billion won by calculating only a portion of priority claims that it is obliged to pay immediately.

The priority claims must be paid in full and include unpaid wages and severance pay. The price offered by SJ, which only included a portion that must be paid immediately, had to be lower than the price submitted by Kanglim, industry sources said.

“The consortium of Kanglim offered a sale price of 110 billion won with a condition for immediate repayment of priority claims,” said the source. “SJ seems to have accepted the conditions because the claims are required to be paid anyway.”

As SJ decided to match the price, it is entitled to proceed with the takeover. SJ is expected to sign the contract with Eastar Jet and submit the self-restructuring scheme for debt repayment and business normalization to the court.

Market insiders have noted that the sale price has to be more than 150 billion won given that Eastar Jet’s debts amount to 200 billion won. In order for SJ to finalize the takeover, it has to secure a reimbursement rate that can obtain the consent of the creditors, with the sale price set at around 100 billion won. (Reporting by Seon-young Kim)
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