Oasis gone for good, Silverjet survives for now
HONG KONG – As Travel Mole flew out of Hong Kong International Airport yesterday, four Oasis Hong Kong aircraft were parked nose to nose near the end of the runway.
It was a sad sight – and perhaps a foretaste of what is to come as other budget airlines struggle under rising fuel prices
The brief life of Oasis was formally ended on Wednesday after Hong Kong’s High Court issued an order for it to be wound up, the company’s liquidator said.
“The nature of our job changes from one of engaging in preserving the assets of the company to one of distributing the assets to the stakeholders,” said Edward Middleton of financial services group KPMG, a liquidator for the company.
Employees, passengers left with useless tickets and others believing they had a claim would now be invited to apply for compensation, Middleton told AFP.
Oasis launched in October 2006 offering low fares, including one-way tickets from Hong Kong to London, and later Vancouver, but the firm’s founders said in April that soaring fuel costs and a decision to buy aircraft instead of renting them had led to the airline’s demise.
There is better news, however, for the UK’s Silverjet which is set to fly again after a company managed by a Swiss trust agreed an undisclosed price for the failed business-class carrier.
The deal, which should be completed this week, will see all staff kept on by purchaser Irish-based Kingplace and Silverjet tickets still valid.
Silverjet flies between London Luton airport and New York and Dubai. It grounded its fleet 11 days ago.
The relaunch, however, is subject to CAA approval and it is thought Kingplace will have to inject between £20m and £30m to make the relaunch viable.
A previous funding deal involving Middle East interests fell through at the last minute, forcing Silverjet to suspend services.
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