Dollar Holds Near Two-Week High as Fed Rate Hike Bets Rise 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Lenovo Shares Fall After Dropbox Security Breach Exposes ID Vulnerability 
Gold Prices Steady as U.S.-Iran Tensions Lift Inflation Risks 
MediaTek Shares Jump 10% on Nvidia’s $3.5 Billion Investment 
Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
Honda, Nissan Eye Shared Vehicle Software Platform by 2029 
OpenAI Rejects Apple Trade Secret Theft Claims 
Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
Amazon Shares Fall as FTC Plans Ad Pricing Lawsuit 
Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Japan Bond Yields Top 3% as Inflation, Fiscal Risks Rise 
Star Entertainment Shares Fall After A$307 Million FY2026 Loss 
RBNZ Raises Interest Rate to 2.75%, Kiwi Dollar Slides 
GM Canada Workers Approve C$1.1 Billion Investment Deal 
France Targets Shein, Temu With Fast-Fashion Fees 
Add as a preferred source on Google
SBW Inc. reportedly turned out to be the only bidder for the acquisition of Eastar Jet, one of South Korea’s low-cost airlines headquartered in Gangseo-gu, Seoul. It was said that the fashion company will not be competing with a preliminary buyer that will be chosen by the carrier.
The bidding for the budget carrier
As per The Korea Economic Daily, the SBW or the Ssangbangwool Inc., a leading fashion firm in the country and also known as the maker of the Lee denim brand, was the sole participant in the sellout bidding for Eastar Jet Co. The event was held on Monday, June 14 at the Seoul Bankruptcy Court and no other firms have shown up to place their bid.
SBW was said to have joined the bidding through a consortium headed by Kanglim Co. LTD., one of its affiliates that builds special vehicles. Based on the report, Harim Co., a local livestock food firm that also owns Pan Ocean Co., is a strong candidate to acquire Eastar Jet, however, it did not participate in Monday’s bidding schedule.
A representative of Harim stated that the company will just find other ways to venture into the air cargo business instead of through the acquisition of Eastar Jet. Industry insiders shared that the company’s decision to withdraw from the bidding could be due to the fact that the carrier has many debts to settle and the amount is quite large.
According to business analysts’ estimation, Eastar Jet has a total debut amounting to more or less ₩255 billion or $228 million. It was said that ₩70 billion or $63 million of the total amount are priority claims that include severance pay and unpaid wages while some ₩185 billion are rehabilitation claims that were forwarded to the court.
Eastar Jet may handpick its preferred bidder
Yonhap News Agency reported that Eastar Jet may choose its bidder next week after it reviews and assess plans from investors for the takeover of the company. It was mentioned that currently, the carrier is under a court-led rehabilitation scheme and it has been receiving a letter of intent (LOI) from companies.
It was said that a number of companies have displayed interest in buying the troubled budget airline after the bankruptcy court approved its corporate rehabilitation process earlier this year. Meanwhile, Eastar Jet must submit its repayment scheme for its debts and planned rehabilitation programs to the court by July 20. Finally, with the preferred bidder, a takeover may also be finalized next month.
