Oasis Hong Kong chairman derails Hainan Airlines parent's rescue bid - report

Tags :China, Oasis Hong Kong


HONG KONG (XFN-ASIA) - An attempt by Hainan Airlines parent HNA Group to rescue Oasis Airlines from collapse has been derailed by Oasis chairman Raymond Lee, the South China Morning Post reported without identifying its source.

It said HNA Group's rescue bid failed after it discovered that Lee, who held about 60 pct of Oasis, had pledged his shares as collateral for a personal loan.

It was not clear how many of the shares he had pledged.

Following the collapse of HNA Group's rescue bid, Oasis filed for provisional liquidation, affecting some 30,000 ticket-holders and leaving some 700 staff with an uncertain future.

Oasis reportedly chalked up losses of some 1.0 bln hkd since it started operations in October 2006.
  

(c) Centre for Asia Pacific Aviation. Date posted:11-Apr-08  

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