Cheongju International Airport plans to finance Aero K, the planned LLC, after the South Korean government announced plans to lower the barriers to obtain an air transport operator's license.
South Korea plans to approve new AOCs in early 2019, as a response to consumer demand for increased domestic connections.
Aero K is expected to apply again for a license by the end of October 2018, after getting rejected on its initial attempt over concerns about its financial strength and competition in the market.
The financing from the Cheongju Airport will be used for startup capital, including fleet requirements, operating costs, AOC certification, and personnel.