Eastar Jet will accept voluntary resignations until the end of this month as part of its workforce reduction in efforts to find a new investor.

This comes as the airline faces bankruptcy after Jeju Air scrapped its plan to acquire the smaller budget carrier as the airline industry struggles to stay afloat amid the COVID-19 pandemic.

According to the industry on Friday, Eastar Jet will accept voluntary resignation from its regular workforce until Monday at noon, after the airliner and a representative of workers reached the decision. Those who apply will resign on Monday.

Eastar Jet will pay the applicants' delayed wages, on top of one month’s compensation, and they will be the first to be rehired after the airliner's business is normalized.

The company will also notify others of layoffs on September 7, effective October 6, until Eastar Jet only has the roughly 426 employees required to operate six aircraft.

The workforce cut is expected to affect around 700 employees.