Money dries up as Oasis is liquidated
08 / 04 / 2008
HUNDREDS of passengers have been left stranded after Oasis Hong Kong Airlines halted all operations on Wednesday and applied to the Hong Kong High Court for protection as it seeks to liquidate its assets.
All flights on its route network to London Gatwick and Vancouver, have been terminated with immediate effect. “It is with great regret Oasis Hong Kong has today voluntarily applied to the Hong Kong court to appoint a liquidator,” chief executive Stephen Miller, said at a press conference.
It has been reported that the airline was struggling with debts of up to US$128 million exacerbated by soaring fuel costs and the rising cost of credit.
Accounting firm KPMG said in a statement that it had been appointed provisional liquidator by the airline.
According to a Reuters report China’s Hainan Airlines, backed by investor George Soros, may be interested in purchasing Oasis as a way into the lucrative Hong Kong market.