TransAsia Airways was a full-service airline based at Taipei Songshan Airport in Taiwan. TransAsia was a short-haul carrier, operating domestic services within Taiwan and short-haul international services from Taiwan to destinations in mainland China, North Asia and South East Asia. TransAsia also operated subsidiary LCC, V Air.
On 09-Aug-2016, TransAsia Airways announced its board had approved plans to integrate wholly-owned subsidiary V Air with the carrier, with the LCC to cease operations. Chairman Vincent Lin said the move was aimed at expediting reconstruction of TransAsia Airways Group. The company commenced the transition programme in Oct-2016, with V Air ending service operations on 30-Sep-2016.
On 22-Nov-2016, the TransAsia Airways board approved plans to dissolve the company and suspend all services, effective immediately. The decision will be formalised by a shareholders’ meeting in Jan-2017. The carrier attributed the decision to two fatal crashes, financial losses and an alleged insider trading investigation. Chairman Vincent Lin explained: "We choose to dissolve the company at this time when our assets still exceed our liabilities, and we are still able to take care of our employees and passengers." He also said that the decision to dissolve the company was a "painful decision," adding "we have been trying to find professional institutions at home and abroad, partners, and even new management team to help revitalise the company."
Far Eastern Air Transport stated it will take over TransAsia Airways, with plans to restructure the airline. Subject to approval, the relaunched carrier would be changed to Far Eastern United Air.
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