Taiwan Airline TransAsia to Shut Down After Suffering Losses
- Unable to repay convertible bonds due Nov. 29, carrier says
- Carrier halted flights Tuesday, triggering trading probe
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Taiwanese carrier TransAsia Airways Corp. decided to close down operations after two fatal crashes in the last two years pushed it into losses.
After a board meeting early Tuesday, the Taipei-based airline said in a statement that it won’t be able to repay convertible bonds due Nov. 29, but will compensate affected customers in full. The carrier was losing as much as NT$300 million ($9.4 million) a month, Chairman Vincent Lin told reporters in the city. Shareholders will vote on the decision on Jan. 11.