South Korea’s Hanwha Group to bid for Fly Gangwon

South Korea’s Hanwha Group is preparing to bid for Fly Gangwon under court’s protection. Hanwha is in the final stages of reviewing its bid, a deal estimated at 20 billion-30 billion won, reports Korea Economic Daily.  Fly Gangwon was put up for sale after it filed for court receivership in May 2022. The airline might need a cash influx of additional 50 billion won including various costs such as aircraft leases, maintenance etc to normalize its business. The Seoul Bankruptcy Court will receive bids this month, under which it will sign a tentative agreement with a preferred buyer. Post this