Jeju Air has finally given up on the acquisition of Eastar.

Jeju Air today announced that it has canceled the stock trading agreement (SPA) to acquire the management rights of Eastar Airlines.

In the disclosure, Jeju Air said, "We have canceled the open stock trading contract due to the unconfirmed violation of the guarantee of the statement and the closing date of the transaction."

As a result, the unemployment of over 1,600 employees of ISTA Air is expected to become a reality.

As the M&As of the two companies, which were noted for the company's first airline-to-airline business combination, eventually collapsed due to the aftermath of the Corona 19, it is expected that the restructuring of the airline industry will be disrupted, and the lawsuit will continue with responsibility for destroying the future contract.

Earlier, Jeju Air released the admission data on the 16th and said, "East Holdings was unable to complete the pre-requisites for the stock trading agreement by midnight on the 15th." We decided to finalize the decision to cancel the contract and when to notify by considering the progress in progress.”

If the M&A with Jeju Air goes bankrupt, Easta Airlines, which cannot recover by itself, will likely go through bankruptcy.

The 1,600 employees who agreed to return wages in anticipation of the acquisition by Jeju Air, who have not received wages for more than six months, are more likely to sit on the streets.