East Star Airlines may have found a white knight

By Wang Ying | China Daily | Updated: 2009-06-24 08:08

An East Star plane readies for takeoff at Tianhe airport in Wuhan, Hubei province. Shanghai Yujie Industry Co is planning to invest 500 million yuan to restructure the cash-strapped airline. CFP

SHANGHAI: With the bankruptcy deadline of July 3 fast approaching, cash strapped East Star Airlines filed a restructuring application in a local court at Wuhan on Monday, to stave off its forced liquidation. Sources said a little-known aviation material wholesaler Shanghai Yujie Industry Co may become its new strategic investor.