Private equity firm VIG Partners has taken over the South Korean low-cost carrier Eastar Jet, while Seoul-based marine supply chain solutions provider SeaVantage has raised $1.3 million in funding.
VIG Partners buys Eastar Jet, injects $90m
PE firm VIG Partners on Friday said it has acquired a 100% stake in the South Korean low-cost carrier Eastar Jet Co and will be injecting 100 billion Korean won ($90 million) into the airline.
VIG will also be raising an additional $86 million via a rights offering for the debt-ridden budget carrier to service its debt and buy new aircraft, the Korean Economic Daily reported on Friday.
