Fly Gangwon

Defunct airline of South Korea (2016–2023)

Fly Gangwon | IATA | ICAO | Callsign

|
|

4V  | FGW  | GANGWON
Founded| 12 April 2016 (2016-04-12)
Commenced operations| 22 November 2019 (2019-11-22)
Ceased operations| 19 May 2023 (2023-05-19)
Hubs| Yangyang International Airport
Fleet size| 0
Destinations| 0
Headquarters| Yangyang, South Korea
Website| www.flygangwon.com

Fly Gangwon (Korean: 플라이강원; RR: Peullai Gangwon) was a short-lived South Korean low-cost airline which was founded in 2016 and made its maiden flight on 22 November 2019 from Yangyang to Jeju. The company slogan was Fly To Your Dream. On 19 May 2023 the airline ceased all flight operations and filed for bankruptcy protection.[1]

## History

[edit]

### Founding

[edit]

Fly Gangwon was originally established as Fly Yangyang in November 2016[2] and signed the Convention on Support for Air Transport Business with Gangwon State.[3]

In October 2017, Fly Yangyang changed its name to current name, Fly Gangwon and signed the agreement of leasing 3 Boeing 737-800.[4][5] Fly Gangwon got the Air Operation Certificate in 2019, begins activation with relocating its headquarters to Yangyang County, location of Yangyang International Airport.[6][7] In November, Fly Gangwon launches the route to Jeju after the flying test in October.[8][9] In December, Fly Gangwon launches the route to Taipei–Taoyuan, its first international operation.[10]

### Financial crisis

[edit]

Fly Gangwon expanded its domestic and international network, but due to COVID-19 pandemic, Fly Gangwon got into financial difficulties.[11] In December, Gangwon State Council financial committee approves a financial support of 6 billion won to Fly Gangwon[12] to recover its operation, including receiving Air Cargo Transport Certificate and signing for introducing widebody aircraft, Airbus A330-200 and Airbus A330-200F.[13][14]

In May 2023, Fly Gangwon suspended all its operations and applied for bankruptcy protection.[15] Since the filing for bankruptcy protection, Fly Gangwon's Air Operation Certificate validation has been suspended.[16] In November, Fly Gangwon returns its last aircraft to the lessor, and announces the main bidding in December with conducting the diligence of 3 Letter of Intent(LOI)s.[17][18]

### Rehabilitation

[edit]

In June 2024, the rehabilitation court announced that Winix, a Korean household appliances company was chosen as the final prospective acquisition.[19][20] Winix will hold a meeting with creditors and shareholders this month to approve the M&A rehabilitation plan, and complete the acquisition of Fly Gangwon after the rehabilitation court approves the rehabilitation plan.

## Destinations

[edit]

Fly Gangwon flew to the following destinations until before the bankruptcy protection:

Country  | City  | Airport  | Notes  | Refs

|
|
|
|

Japan | Tokyo | Narita International Airport |  | [21]
Philippines | Clark | Clark International Airport |  | [22]
South Korea | Jeju | Jeju International Airport |  | [23]
Seoul | Gimpo International Airport | Terminated | [24][25]
Yangyang | Yangyang International Airport | Hub |
Yeosu | Yeosu Airport | Terminated | [26]
Taiwan | Taichung | Taichung International Airport |  | [27]
Taipei | Taoyuan International Airport |  | [27][28]
Vietnam | Hanoi | Noi Bai International Airport |  | [29]
Ho Chi Minh City | Tan Son Nhat International Airport |  | [29]

## Fleet

[edit]

During its seven-year existence, Fly Gangwon had operated the following aircraft:[30][31]

Aircraft  | Total  | Introduced  | Retired  | Notes

|
|
|
|

Airbus A330-200 | 1  | 2022  | 2023  |
Boeing 737-800 | 5  | 2019  | 2023  |

## References

[edit]

1. ^ "Fly Gangwon applies for court receivership". Korea JoongAng Daily. 19 May 2023. Archived from the original on 9 June 2023. Retrieved 12 June 2023.
2. ^ "양양공항 첫 모기지 저가항공사 내년 8월 취항…활성화 기대" [Yangyang Airport's first mortgage low-cost airline will launch in August next year...Expect activation]. Yonhap News Agency (in Korean). 25 November 2016.
3. ^ "강원도-플라이양양, 양양공항 모기지 항공운송사업 협력" [Gangwon State-Fly Yangyang, Yangyang Airport mortgage air transport business cooperation]. Yonhap News Agency (in Korean). 13 March 2017.
4. ^ "[단독]플라이양양, '플라이강원'으로 개명" [[Exclusive]Fly Yangyang, changes name to Fly Gangwon]. News1 (in Korean). 10 October 2017.
5. ^ "플라이양양 여객기 3대 임차…6월 초 면허 재신청" [Fly Yangyang planes lease 3 aircraft...reapplication for license in early June]. Yonhap News Agency (in Korean). 29 May 2017.
6. ^ "플라이강원·에어로케이·에어프레미아 신규면허 발급" [Fly Gangwon·Aero K·Air Premia receives operation license]. Yonhap News Agency (in Korean). 5 March 2019.
7. ^ "LCC 항공사 '플라이강원' 본사, 상반기 양양으로 이전" [Low Cost Carrier 'Fly Gangwon', relocate its headquarter to Yangyang in first of the year]. News1 (in Korean). 13 January 2019.
8. ^ "플라이강원 5일부터 시범운항…11월 국내선 취항 목표" [Fly Gangwon, begins test flight fom 5th October…plans to launch domestic operation in November]. Yonhap News Agency (in Korean). 2 October 2019.
9. ^ "양양~제주 하늘길 열렸다...플라이 강원, 22일 양양~제주 노선 취항" [Yangyang~Jeji route has been opened...Fly Gangwon launches Yangyang~Jeju on 22nd November]. Chosun News (in Korean). 22 November 2019.
10. ^ ""세계 향한 날개 활짝" 플라이강원 26일 국제노선 첫 취항" [Fly Gangwon launched its first international route on the 26th]. Yonhap News Agency (in Korean). 26 December 2019.
11. ^ "플라이강원 자본금 바닥…재정 압박 가중" [Fly Gangwon capital bottom...increased financial pressure]. KBS News (in Korean). 3 June 2020.
12. ^ "'플라이강원 지원안' 강원도의회 예결위 통과" ['Fly Gangwon Support Plan' passes Gangwon-do Council's Budget and Accounts Committee]. KBS News (in Korean). 8 December 2020.
13. ^ "플라이강원 재도약 날갯짓…화물운송·노선 확장 본격화" [Fly Gangwon leap forward... cargo transportation and route expansion in earnest]. Kookmin Ilbo News (in Korean). 10 October 2022.
14. ^ "플라이강원, 중대형기 A330-200 도입 계약…"2025년까지 7대 도입"" [Fly Gangwon signs to introduce medium- and medium-sized aircraft A330-200..."Introducing 7 units by 2025"]. EToday (in Korean). 29 March 2022.
15. ^ "플라이강원, 20일부터 운항 중단·22일 기업회생 신청" [Fly Gangwon suspends operations from the 20th and applies for corporate rehabilitation on the 22nd]. Maeil Economy (in Korean). 18 May 2023.
16. ^ "플라이강원, 20일부터 운항 중단·22일 기업회생 신청" [Fly Gangwon, suspends operation from 20th·applies bankruptcy protection in 22nd]. ChosunBiz (in Korean). 19 July 2023.
17. ^ "[단독] 플라이강원, 항공기 없다...마지막 기재도 반납" [[Exclusive]Fly Gangwon, doesn't have any aircraft...returns its last aircraft]. Financial News (in Korean). 21 November 2023.
18. ^ "플라이강원, 총 3곳서 인수의향서 접수…내달 13일 본입찰 한다" [Fly Gangwon receives letters of intent to take over from a total of three locations...The main bidding will be held on the 13th of next month]. Maeil Economy (in Korean). 27 November 2023.
19. ^ "플라이강원 최종 인수 예정자 '위닉스' 확정…회생 신청 1년만" [Fly Gangwon's final acquisition is confirmed as Winix…One year of rehabilitation application]. Maeil EconomyYonhap News Agency (in Korean). 3 June 2024.
20. ^ "플라이강원 최종 인수예정자에 '위닉스'" [Winix is the final acquisition of Fly Gangwon]. Finanacial News (in Korean). 3 June 2024.
21. ^ "플라이강원, '양양-도쿄' 나리타 노선…양양국제공항 최초 취항" [Fly Gangwon, Yangyang-Tokyo Narita Route…First flight to Yangyang International Airport]. EBN News (in Korean). 30 August 2022.
22. ^ "Fly Gangwon". www.flygangwon.com. Retrieved 23 January 2020.
23. ^ "Fly Gangwon schedules late-Nov 2019 launch to Jeju :: Routesonline". routesonline.com. Retrieved 2019-11-18.
24. ^ "플라이강원, 양양~김포 노선 신규 취항" [Fly Gangwon, launches Yangyang~Gimpo route]. Newsis (in Korean). 21 July 2020.
25. ^ "플라이강원 양양~김포 운항 재개" [Fly Gangwon, resumes Yangyang~Gimpo]. Yonhap News Agency (in Korean). 2 July 2021.
26. ^ "플라이강원, 양양-여수노선 첫 취항" [Fly Gangwon, launches first Yangyang-Yeosu flight]. Financial News (in Korean). 19 February 2022.
27. ^ a b "New Korean budget airline to start flying to Taoyuan next month | Society | Focus Taiwan - CNA English News". m.focustaiwan.tw. Retrieved 2019-12-22.
28. ^ "FLYGANGWON ADDS TAIPEI SERVICE FROM DEC 2022". Aeroroutes. 1 November 2022.
29. ^ a b "플라이강원, 10월부터 하노이·호치민 노선 운항" [Fly Gangwon to operate Hanoi-Ho Chi Minh route from October]. Yonhap News Agency (in Korean). 26 August 2022.
30. ^ "연도별 도입 현황" [Introduction status by year]. atis.casa.go.kr (in Korean). Ministry of Land, Infrastructure, and Transport.
31. ^ "연도별 말소 현황" [Removal status by year]. atis.casa.go.kr (in Korean). Ministry of Land, Infrastructure, and Transport.

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