Shenzhen Airlines' assets seized as fuel bill bites, but profitability continues into 1Q2009

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The ongoing economic recession is taking its toll on China’s airline industry. China’s largest private airline, Shenzhen Airlines’ USD26.5 million ticketing account was reportedly seized by the Second Intermediate People's Court of Beijing, as remittance for outstanding fuel debts owed to South China Bluesky Aviation Oil. The carrier cited fluctuating fuel prices and the economic recession, which had restricted the airline’s cash flow in 2008, for the default fuel bill.

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