Fly Gangwon's New Owner Winix Confirmed... "Reborn as a Hybrid Airline"

Acquisition to Be Completed as Early as Next Month

Winix, a home appliance specialist company, will acquire Fly Gangwon, a low-cost carrier (LCC) based at Yangyang International Airport. Fly Gangwon has found a new owner one year after filing for corporate rehabilitation.

Winix announced on the 3rd that it has been confirmed as the final acquirer of Fly Gangwon. This month, a meeting with creditors, shareholders, and other stakeholders will be held to approve the merger and acquisition (M&A) rehabilitation plan, followed by the court's approval process to complete the acquisition of Fly Gangwon. All acquisition procedures are expected to be finalized as early as the beginning of next month.

Winix stated, "We will nurture the aviation industry, which is a key to connectivity between countries and cities, as a new strategic industry for Winix's sustainable growth." They added, "We will rebirth as a hybrid airline operating both large and small aircraft to secure differentiated service competitiveness in the LCC market."

Winix plans to implement specific enhancement measures before resuming operations, including changing the company name, sequentially introducing new aircraft, and expanding flight routes. Additionally,

Winix explained, "We have completed reviewing the initial acquisition funds and securing investment funds for preparation and management normalization after the acquisition." They further stated, "After completing the acquisition, we will quickly normalize Fly Gangwon based on financial soundness and provide safe and high-quality customer service."