Long-haul budget carrier Oasis Hong Kong Airlines is suspending all services and going into liquidation after less than 18 months of operations.

The carrier’s CEO, Stephen Miller, announced at a press conference in Hong Kong today that a court has appointed KPMG as provisional liquidator as a result of financial difficulties. A KPMG representative handled most of the press conference this afternoon.

Miller said all operations are being suspended with immediate effect.

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. It had said it was looking for more aircraft to help it add services to destinations in Australia, the USA and additional points in Europe.

Oasis was established by investors from Hong Kong and late last year the airline sold a minority stake to private equity investor Value Partners for $30 million.

Source: FlightGlobal.com