TransAsia Airways shareholders agree to dissolve airline

Shareholders of TransAsia Airways have endorsed management's decision to dissolve the airline because of heavy debts and poor prospects for future operations.

A motion to endorse the shutdown was passed at a special shareholders meeting in Taipei on Wednesday after TransAsia executives abruptly announced Nov. 22 that they would close down the airline.

The meeting also passed motions to delist the company's shares from the Taiwan Stock Exchange and to approve a severance plan for the airline's employees.

Also at the meeting, Su Sung-hui (???), lawyer Lee Yueh-lin (???) and accountant Yao Wen-liang (???) were chosen to handle the airline's liquidation.

The airline had reportedly tried to find a buyer, but to no avail. It lost NT$2.2 billion (US$69 million) in the first three quarters of 2016, and analysts said its gross margin was getting worse quarter by quarter.

Source: Focus Taiwan News Channel