TransAsia Airways ceases operations
Sunday, 23 Nov, 2016
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Troubled Taiwanese carrier TransAsia Airways is ceasing all operations.
It follows the abrupt announcement earlier this week that all flights were suspended for Tuesday November 22.
At a hastily convened extraordinary board meeting on Tuesday a decision was made to pull out of the aviation market altogether.
The carrier has continued to post heavy losses this year and has been in the market for a buyer to bail it out.
The Taipei-based airline said it was unable to repay convertible bonds which are due to be paid next week.
The company said it lost $70 million in the first three quarters of 2016, nearly double its losses for the whole of 2015.
TransAsia’s troubles deepened following fatal crashes in July 2014 and in February 2015 and it has suffered this year due to plunging visitor arrivals to Taiwan from mainland China because of political tensions.
The company has been operating for 65 years and has a current workforce of about 2,000.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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