[2] On 2 March 2020, Jeju Air, one of the South Korean Low-Cost Carriers decided to take over the management rights of Eastar Jet and signed a stock trading contract.

[4] However, on 23 July 2020, Jeju Air announced that it was to give up the acquisition of Eastar Jet due to economic uncertainty caused by the COVID-19 pandemic.

[7] Eastar Jet also began restructuring, the plan included reduction of its fleet of 16 aircraft to four and reduce the labor force from 1,200 to 400; however, Jeju Air would rehire all of its dismissed employees.

[8] On June 17, 2021, it was announced that Eastar Jet was set to be acquired for more than US$97 million by property developer and preferred bidder Sung Jung, following an auction of the airline.

[9] However, Sung Jung sold the entire stake of Eastar Jet to VIG Partners, a private equity fund company, in January 2023.