Jeju Air, the largest budget carrier in South Korea, suspended its purchase of Eastar Jet, another low-cost carrier in Korea, due to the latest financial situation. According to Korean local media, Seok-Joo Lee, Chief Executive of Jeju Air stated if the current condition doesn’t improve, the industry leader would have to rely on debt to sustain. Earlier, the airline recorded a net loss of 34.1 billion won ($29 million USD) from a profit of 70.88 billion won ($59 million USD),…
Korean Air, South Korea’s flag carrier, is selling its non-essential assets in an effort to improve its financial standing and increase transparency, FlightGlobal reports. The most notable asset the airline will sell is real-estate in downtown Seoul, South Korea and a leisure company, which Korean Air wholly owns, that operates…
According to local media, Asiana Airlines, the second-largest airline in South Korea, is expected to sell on Friday. The consortium consists of Hyundai Development Co. and Mirae Asset Daewoo Co. After weeks of negotiations, Kumho Asiana Group agreed to sell a 31 percent stake in the airline for 2.5 trillion…
Adding to its current fleet of only three aircraft, South Korean hopeful Air Premia has announced an order for five Boeing 787-9 Dreamliners to aid in its low-cost ambitions. The airline, who already has a deal with Air Lease Corporation for three Dreamliners, sees the aircraft as necessary for its…
Founded in 1946 by Captain Shin Yong-Wook, South Korean carrier Korean National Airlines, or KNA, was formed as a commercial passenger and air cargo airline. Instead of its longer full name, the carrier operated under the name Koreanair. KNA’s inaugural flight took place on October 30, 1948, from Seoul to Busan…
On Friday, Bombardier and Korean Air celebrated the delivery of the first CS300 aircraft to the Asian airline. The Seoul-based airline is the Asian launch customer for the new C Series aircraft family. “This is a very important milestone for the C Series program because it is our breakthrough into…
