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Hong Kong budget airline Oasis formally wound up Hong Kong budget airline Oasis formally wound up
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Tags :China, Oasis Hong Kong
The operations of both Oasis Hong Kong Airline Ltd and Oasis Growth and Investment Income Ltd were ended after a brief hearing at the High Court, said Edward Middleton of financial services group KPMG, a liquidator for the company.
"The nature of our job changes from one of engaging in preserving the assets of the company to one of distributing the assets to the stakeholders," he told Agence France-Presse.
Employees, passengers left with useless tickets and others believing they had a claim would now be invited to apply for compensation, Middleton said.
Oasis launched in October 2006 offering eye-popping low fares, including one-way tickets from Hong Kong to London for just 1,000 hkd. It later added a link to the western Canadian city of Vancouver.
But the firm's founders said in April that soaring fuel costs and a decision to buy aircraft instead of renting them had led to the airline's collapse.
Oasis stopped services On April 9 and presented a winding-up petition to the court.
© Centre for Asia Pacific Aviation. Date posted: 12-Jun-08
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- Hong Kong budget airline Oasis in liquidation - UPDATE
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