PE firm VIG Partners acquires Eastar Jet

Private equity firm VIG Partners has acquired a 100% stake in South Korea’s low-cost carrier Eastar Jet with plans to infuse about $90 million funds into the airline. Going ahead VIG Partners is also planning to raise an additional $86 million through a rights offering towards January 2023 end to settle part airline’s debts and add new aircraft, including Boeing 737-8s. After the transaction, the airline will seek to accelerate the process of reissuing an Air Operator Certificate (AOC) from the Ministry. The carrier applied for reissuance of its AOC last year to resume flight service but still hasn’t received