HK budget carrier Oasis formally wound up

Source:
This story is sourced from Flight International
Subscribe today »

Collapsed budget carrier Oasis Hong Kong Airlines has gone into liquidation after a court today issue a formal winding up order.

The long-haul budget carrier halted all operations and began liquidation proceedings in April, after 18 months of operations.

Distant rescue hopes were all but over later that month when provisional liquidators, Edward Middleton and Patrick Cowley from KPMG, were forced to lay off virtually all staff after failing to secure fresh investment by an 18 April deadline. Oasis has also since been stripped of its traffic rights.

 

In a statement the provisional liquidators say the High Court of Hong Kong Special Administrative Region today ordered Oasis be wound up.

“The court was satisfied Oasis was insolvent and it was in the best interests of Oasis and its creditors that Oasis be wound up,” the liquidators say. “Oasis has liabilities in excess of HK$1 billion ($128 million), including some 22,000 passenger claims expected to reach in the region of HK$250,000.”

Oasis launched operations in October 2006 using two Boeing 747-400s that it purchased. It later purchased three more of the type. It had been operating between its Hong Kong base and both London Gatwick and Vancouver.

Source: Air Transport Intelligence news