South Korea’s leading low-cost carrier, heavy with debt and its stock already near record lows, is now facing intense public and government scrutiny.

Jeju Air Co., South Korea's largest budget carrier, will initially cut nearly 1,880 flights in the first quarter, it said Wednesday, a move aimed at enhancing its operational safety following the recent crash of its Boeing 737-800 flight that left 179 people dead.

The temporary closure of Muan Airport has been extended until January 14 as the investigation into the Jeju Air crash continues.