Taiwanese airline TransAsia Airways will be liquidated after sixty-five years of service. The decision came after a board meeting where the airline’s faith was decided. The airline has been struggling since the two ATR crashes in 2014 and 2015, and hasn’t managed to recover financially.
The company has attempted to restructure and recover with no success so far, only posting losses for the first 3 quarters of this year. The airline suspended operations on Tuesday November 22nd. The airline has set up a team to deal with everyone affected by the situation.
“It was a painful decision to dissolve the company,” Said Chairman Vincent Lin. “We kept trying to find domestic and international professional bodies, partners, or even a new operational team to help TransAsia. It’s a pity that the hope was not fulfilled.”
“We choose to dissolve the airline at this point of time because the company still has more assets than liability, so we’re capable of providing necessary protection to the interests of passengers, employees and partners,” said Lin. “Before exiting Taiwan’s civil aviation industry, the 65-year-old airline will do everything we could to shoulder our last responsibilities.”