Fly Gangwon ceases operations

South Korean-airline Fly Gangwon has ceased all operations on 20 May 2023 due to a lack of funds. The airline has said the halting of flights is temporarily, and has applied for a corporate rehabilitation process. This process will enable the airline to write-off debts and secure new funds. Fly Gangwon aims to restart operations by 1 July 2023. Any later than that will jeapordize the airline's Air Operator's Certificate (AOC), which expires after 60 days of not flying.

Fly Gangwon, which was founded in 2016 and launched operations in November 2019, had been struggling for quite a while, especially as a result of the pandemic hitting so shortly after it started. It operated low-cost flights from its base Yangyang to destinations in South Korea but also internationally in Japan, Philippines, Taiwan, and Vietnam.

Just before ending operations, the airline's fleet consisted of a single Airbus A330-200 and Boeing B737-800. These are now parked in Seoul-Incheon and Yangyang.

According to the CEO, the airline has provisional lease-agreements in place for five more A330s, as well as two B737-800s, should it rehabilitate succesfully.

Photo by Anton Homma.

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