crash-landing-for-oasis-airlines

Crash landing for Oasis Airlines

The Hong Kong-based airline goes into liquidation less than 18 months after its first flight and just six months after Value Partners makes a $30 million investment in the company.
April 09, 2008
Oasis Hong Kong Airlines has filed for bankruptcy less than 18 months after its inaugural flight, with specialists attributing the failure of the airline to the dramatic increase in fuel prices over the last year.

Oasis founder and CEO Steven Miller told media in Hong Kong yesterday afternoon that Oasis may seek new investors to re-capitalise. Some specialists have speculated that another airline may acquire Oasis's ailing operations.

The Oasis website told passengers that it had gone into liquidation at 8.50pm on Tuesday, saying it had in the morning applied to the Hong Kong Court to appoint a provisional liquidator. Audit firm KPMG was appointed provisional liquidator effective 2.00pm yesterday.

The website suggested passengers...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222