Eastar Jet to terminate employment contracts for 50% of employees in Oct-2020

Eastar Jet SVP Kim You-sang reported the LCC plans to terminate employment contracts for 605 of its 1216 employees on 14-Oct-2020, with the aim of attracting investors to purchase a 51.17% stake in Eastar Jet (Yonhap News/The Korea Herald/The Korea Times, 07-Sep-2020). Mr Kim noted: "Our lead managers and two private equity funds [that have an interest in investing in Eastar] want the company to reduce our fleet and workforce, among other things". He added that the LCC plans to retain 590 employees, including sufficient pilots and cabin crew to operate six aircraft.