[Alpha Biz= Reporter Kim Sangjin] Winix is stepping in to acquire Fly Gangwon, a company undergoing a recovery process, with an investment of 300 billion won.
On the 20th, Winix announced that it has been selected as the preferred negotiator for the acquisition of Fly Gangwon and has deposited a down payment of 20 billion won. Currently, Fly Gangwon is undergoing a recovery process and is proceeding with the sale of management rights through the "Stalking Horse" method.
Once the final acquirer is confirmed, Fly Gangwon plans to conduct a 200 billion won capital increase with Winix as the target. Fly Gangwon's current shares are planned to be completely reduced, leaving Winix with a 100% stake. If Winix is selected as the final acquirer, it will provide an additional 100 billion won in the form of a loan to Fly Gangwon.
Fly Gangwon obtained its aviation transportation license in March 2019, but due to the difficulties caused by the COVID-19 pandemic, it entered into a recovery process in June last year. Its financial condition shows total assets of 15 billion won and total liabilities of 687 billion won, resulting in complete capital erosion. It recorded a net loss of 32.6 billion won last year. Currently, there are a total of 319 creditors including Hana Card and Woori Card. They are expected to select the final acquirer at a meeting of stakeholders.
Winix is a company that manufactures and sells household appliances such as air purifiers and dehumidifiers, with total assets of 365.1 billion won as of the end of the first quarter. With liquid assets alone amounting to 167.6 billion won, it has sufficient financial resources. The company recorded sales of 375.3 billion won and an operating profit of 6.5 billion won last year on a consolidated basis.
Given the expected significant funding required for Fly Gangwon's operational preparations, including the reissuance of the Air Operator's Certificate (AOC), additional fundraising is anticipated.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
