DR & AJU provided sell-side legal advice to Seongjeong Co., Ltd. and Baekje Country Club, the former major shareholders and specially related parties of Eastar Jet, for the sale of Eastar Jet. DR & AJU advised both the sellers and issuer of shares on matters related to the share purchase agreement, the new share subscription agreement, and the finalization of the transaction, enabling the sellers to sell 22,730,788 common shares of Eastar Jet to Sky SPC, a special purpose company established by VIG Partners, and issue another 1,100,000 common shares to SPC through a third-party allotment and designated 1,100,000 common shares to SPC.
Eastar Jet had already once been acquired by its former largest shareholders, but had to be put up for sale again after it was denied an AOC by the government and could not resume operations. Despite such circumstances, DR & AJU successfully arranged a deal that minimized the risks for the sellers and completed the transaction.
