Parata Airlines (Korean: 파라타 항공; RR: Parata Hanggong), formerly Fly Yangyang and Fly 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
Founding
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
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
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.
After the rehabilitation plan was approved by the Court, Winix changed the airline name from Fly Gangwon to Parata Airlines.[21][22]
Destinations
Fly Gangwon flew to the following destinations until before the bankruptcy protection:
^"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.
^"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.
^"'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.
^"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.
^"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.
^"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.
^"[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.
^"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.
^"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.
^"플라이강원 최종 인수예정자에 '위닉스'" [Winix is the final acquisition of Fly Gangwon]. Finanacial News (in Korean). 3 June 2024.
^"위닉스 날개 단 '플라이강원'… 양양공항 모기지 유지" [Winix wings 'Fly Gangwon'... Maintain its hub to Yangyang Airport]. KADO News (in Korean). 24 July 2024.
^"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.
^"Fly Gangwon". www.flygangwon.com. Retrieved 23 January 2020.