Low-cost carrier Fly Gangwon rebranded as Parata Air

South Korea's low-cost carrier (LCC) Fly Gangwon, based in Gangwon Province, has rebranded itself as Parata Air and is embarking on a new beginning.

Wholly owned by home appliance company Winix Inc., Parata Air's successful return to normal operations is being closely watched.

Winix announced on Monday that the company name Fly Gangwon would be changed to Parata Air, with a new corporate image (CI) design.

The new airline name, "Parata," means "blue" in Korean, referring to the clear color of the sky.

Founded in 2016, Fly Gangwon began commercial operations in 2019, using Yangyang International Airport as its base.

However, the COVID-19 pandemic severely impacted its operations, leading the company to file for rehabilitation in May last year.

Winix took over 100% of the air carrier for 20 billion won ($14.6 million) last month, after getting the nod of the Seoul Rehabilitation Court to Fly Gangwon's self-rescue plan in the same month.

Winix plans to transform Parata Air into a so-called hybrid airline, operating both short- and long-haul aircraft.

Among the nine domestic LCCs, Air Premia Inc. has a similar business model to that of Fly Gangwon. But it operates only interntional flights.

Parata Air is expected to resume operations within the year, with plans to introduce new aircraft.

By  Jung-Eun Shin

newyearis@hankyung.com