Financially troubled airline TransAsia Airways will be dissolved after it announced on Monday it would suspend flight operations for one day on Tuesday, according to the carrier.
The decision to pull out of the aviation market was reached at an extraordinary meeting held by the airline's board Tuesday morning.
The 65-year-old company is Taiwan's third largest airline, serving mainly domestic destinations and those in China, Southeast Asia and Northeast Asia.
Upon learning of the decision, the Civil Aeronautics Administration said it has asked TransAsia Airways Chairman Vincent Lin (???) to provide a report on the matter by Tuesday afternoon.
The Taiwan-based carrier had run up losses of NT$2.22 billion in the first nine months of 2016, nearly double its net loss of NT$1.16 billion for all of 2015.
There had been speculation that the airline was looking for a buyer to help it out of its serious financial predicament, which resulted in part from fatal accidents on domestic routes in July 2014 and in Feb. 2015 that tarnished its image and sent its load factor below 70 percent.
Source: Focus Taiwan News Channel