Parata Airlines (Korean: 파라타 항공; RR: Parata Hanggong), formerly Fly Yangyang and Fly Gangwon, is a preparing South Korean low-cost airline which was founded in 2016. The company slogan is Fly New.
History
Founding
Fly Gangwon was originally established as Fly Yangyang in November 2016 and signed the Convention on Support for Air Transport Business with Gangwon State.
In October 2017, Fly Yangyang changed its name to current name, Fly Gangwon and signed the agreement of leasing 3 Boeing 737-800. Fly Gangwon got the Air Operation Certificate in 2019, begins activation with relocating its headquarters to Yangyang County, location of Yangyang International Airport. In November, Fly Gangwon launches the route to Jeju after the flying test in October. In December, Fly Gangwon launches the route to Taipei–Taoyuan, its first international operation.
Financial crisis
Fly Gangwon expanded its domestic and international network, but due to COVID-19 pandemic, Fly Gangwon got into financial difficulties. In December, Gangwon State Council financial committee approves a financial support of 6 billion won to Fly Gangwon to recover its operation, including receiving Air Cargo Transport Certificate and signing for introducing widebody aircraft, Airbus A330-200 and Airbus A330-200F.
In May 2023, Fly Gangwon suspended all its operations and applied for bankruptcy protection. Since the filing for bankruptcy protection, Fly Gangwon's Air Operation Certificate validation has been suspended. 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.
Rehabilitation
In June 2024, the rehabilitation court announced that Winix, a Korean household appliances company was chosen as the final prospective acquisition. 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.
After the rehabilitation plan was approved by the Court, Winix changed the airline name from Fly Gangwon to Parata Airlines.
Destinations
Fly Gangwon flew to the following destinations until before the bankruptcy protection:
Fleet
During its seven-year existence, Fly Gangwon had operated the following aircraft:
References
