"Jeju Air and Eastar Jet made a compromise in the price to contribute to the growth for the airline market that is affected by the Covid-19," said Lee Seok-joo, CEO of Jeju Air. The budget airlines have been particularly hard hit, as the carriers have been focused on their region and were especially exposed to China. Six local budget airlines - Jeju Air, Jin Air, Air Busan, Air Seoul, Eastar Jet and T'way Air - said in a joint statement Friday that they are in desperate need of long-term, unsecured loans with low interest rates. Jeju Air's CEO expressed hope since the deal could help consolidate Korea's airline sector where supply far exceeds demand. "We acknowledge that there are concerns about the acquisition of Eastar Jet," Lee said in a statement. "But we thought what is best for us is to preemptively move in the face of an anticipated industrial restructuring due to excessive supply," he said.