30,000 ticket-holders hit and 700 staff face an uncertain future
The world's first budget long-haul airline, Oasis Hong Kong, filed for provisional liquidation yesterday affecting 30,000 ticket-holders and 700 staff facing an uncertain future.
Reports said losses had reached HK$1 billion since the airline launched services in October 2006. It is the fourth airline worldwide to cease operations in the past two weeks.
Struggling to attract fresh capital up to the last minute, the ambitious start-up airline told the government late on Tuesday that discussions with a potential investor had collapsed. The administration had learned of the airline's financial difficulties on Saturday.
Oasis sought protection from the High Court yesterday morning and accounting firm KPMG was appointed provisional liquidator. The 700 staff have been paid up to March 31.
All passenger services were suspended immediately, forcing the government to send staff to London and Vancouver to liaise with stranded passengers.