TransAsia Airways to dissolve company, suspend operations

TransAsia Airways board approved (22-Nov-2016) 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 insider trading investigation. TranasAsia reported a TWD2.2 billion (USD67.9 million) loss in the first nine months of 2016. 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." Following approval from the Taiwan Stock Exchange, the carrier's shares will resume trading on the stock exchange on 23-Nov-2016. [more - original PR - Chinese I][more - original PR - Chinese II] [more - original PR - Chinese - III