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Taiwan airline TransAsia shuts down after losses

11/23/2016| 6:13:30 PM| 中文

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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TAGS: TransAsia | Taiwan | airlines
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