Taiwan airline TransAsia shuts down after losses
Taiwanese carrier TransAsia Airways decided to close down operations after two fatal crashes in the last two years pushed it into losses.
The Taipei-based airline said in a statement that it won’t be able to repay convertible bonds due Nov. 29, but will compensate affected customers in full.
The carrier was losing as much as NT$300 million (USD 9.4 million) a month, Chairman Vincent Lin told reporters in the city. Shareholders will vote on the decision on Jan. 11.
Founded in 1951 as the island’s first private airline and with a fleet of 16 aircraft, TransAsia flied to 27 destinations.
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