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.

After overcoming pariah status at the end of the last century, South Korea must learn what caused the catastrophe on Dec. 29 and what lessons to draw from it.

The Jeju Air plane burst into flames after veering off a runway and slamming into a wall at an airport in the South Korean city of Muan.