Debt-ridden Fly Gangwon suspends all operations

Fly Gangwon has suspended all operations, effective 20-May-2023 to 30-Jun-2023, citing financial difficulties. The airline is planning to apply for court receivership next week. Fly Gangwon began operations in November 2019 after obtaining a certificate from the Ministry of Land, Infrastructure and Transport offering flights on five international and two domestic routes. The airline suffered heavy losses and failed to make payments for the lease of chartered planes due to the impact of the COVID-19 pandemic. “A homegrown private equity fund signed a memorandum of understanding with the company to inject 100 billion won (US$75 million) but has recently withdrawn its planned