2017, Korean Air announced the sale of its 44 percent stake in Czech Airlines, which it had held for four years, to Travel Service. Travel Service by then owned 78.9 percent of ČSA. Czech state company Prisko owned 20 percent of ČSA. Travel Service later also acquired Prisko's stake, increasing its stake to 97.74%. Latest developments In March 2019, Smartwings announced that ČSA would undergo a fleet transition, with the Airbus A319 and ATR 72 to be retired. In October 2019, Czech Airlines announced an order for four Airbus A220-300 and three A321XLR, which had been converted from orders for the A320neo. But in August 2021, Czech Airlines announced the orders' cancellation. In the wake of the COVID-19 pandemic, Czech Airlines announced in April 2020 the end of its already suspended sole long-haul route to Seoul. Thus its sole Airbus A330 was to be returned to lessor Korean Air by October 2020. During the COVID-19 pandemic ČSA fell into insolvency, applying for a moratorium in August 2020. In February 2021, a maintenance provider ordered the seizure of two Czech Airlines' ATR 72-500 in Prague over unpaid debts. Prior to the incident, near the end of the moratorium, majority owner Smartwings announced that Czech Airlines faced insolvency should it not receive state financial aid, but the aid raised controversy. That same month, the airline notified the Czech Republic's Employment Office that it might lay off its entire workforce of some 430 people. In March 2021, it added that it had no means to meet its financial obligations and filed for bankruptcy. In March 2021, ČSA announced the immediate retirement of all ATR 72-500 aircraft, considerably shrinking its remaining fleet. At the end of August 2021, ČSA was operating just one Airbus A320 aircraft; the second was inoperable. As of summer 2022, Czech Airlines had reduced its network to just three scheduled routes. In June 2022, ČSA exited business restructuring under a new ownership structure. Prague City Air, founded under the aid of Smartwings shareholders Jiří Šimáně and Roman Vik, was created to own 70% of ČSA while current majority shareholder Smartwings retained 30%. The airline now plans to rebuild its fleet and route network using Airbus A320 and Airbus A220 aircraft. Corporate affairs Head office In 2016, Czech Airlines head office moved to Evropská Street in 6th district, Prague, Vokovice district to lower overhead. Czech Airlines formerly had its head office,