Korean low cost carrier, Hansung Airlines, folds up
21 Oct 2008
Korean budget carrier, Hansung Airlines, is the latest victim of the downturn faced by the aviation industry globally. The carrier announced its decision to cancel flights and that it was no longer in operation.
Hansung operated two routes from Jeju to Seoul (Gimpo airport) as well as to Cheongju and said it had taken reservations up to January 2009.
The three year old airline ran up a huge deficit, attributable to massive increases in jet fuel costs, the weakening of the Korean currency Won and its failure to raise fresh capital.
The LCC operated 24 flights a day with a fleet of 4 ATR 72-200 aircraft and planned to launch international operations with flights to Fukuoka in Japan.
It is not certain whether Hansung is in a position to make ticket refunds or to redirect passengers on flights of alternative airlines.
