Fly Gangwon Completes 15 Billion KRW Paid-in Capital Increase... Accelerates Financial Structure Improvement

[Asia Economy Reporter Dongwoo Lee] Fly Gangwon announced on the 30th that the payment for a paid-in capital increase totaling 15 billion KRW has been completed.

This paid-in capital increase subscription was conducted through a shareholder allocation method targeting existing shareholders, and despite the difficulties faced by the aviation industry due to COVID-19, it recorded a subscription rate of 100.4%.

Previously, Fly Gangwon completed a 5:1 free capital reduction to preserve losses, and with the payment for this paid-in capital increase, its financial structure is expected to improve significantly. The raised funds will be used as operating capital for the overall business preparing for the With-Corona and Post-Corona eras, including aircraft lease fees, maintenance costs, labor costs, and the introduction of medium-sized aircraft.

Fly Gangwon is reportedly preparing to secure competitiveness for the future market by promoting the introduction of medium-sized aircraft for mid- to long-distance routes after COVID-19 and preparing diversified business models such as cargo transportation.

Juwon Seok, CEO of Fly Gangwon, said, "With this capital expansion, we will overcome the current crisis and do our best to realize the original TCC business plan."

This content was produced with the assistance of AI translation services.