TransAsia Airways (Taipei Sung Shan) shareholders voted in favour of management's decision to dissolve the company during an extraordinary general meeting (EGM) called in Taipei on Wednesday, January 11.
Founded in 1951, TransAsia Airways was Taiwan's oldest airline until it suspended all operations on Tuesday, November 22. At the time, it cited prolonged financial difficulties brought on by the crashes of flights GE222 and GE235 in 2014/15.
A Taipei Stock Exchange filing said that during the EGM, the shareholders also voted in favour of delisting the firm from the Taipei bourse while appointing Su Sunghui, Li Yuelin (a lawyer), and Yao Wenliang (an accountant) as liquidators.
The move follows a bid by Far Eastern Air Transport (Taipei Sung Shan) to use legal action to restructure TransAsia Airways. According to the Central News Agency, FEAT signed an agreement with TransAsia shareholders, who hold more than a 10% stake in the airline, to launch the financial structuring plan. FEAT had planned to merge with TransAsia Airways to form Far Eastern United Air. The new carrier's fleet would then have been used to drive customers to FEAT parent Huafu Group's other leisure-based interests.
CNA reports that TransAsia Chairman Vincent Lin has now confirmed that the carrier has received offers from up to forty buyers interested in acquiring its eleven remaining aircraft which include A321-200 (sl)s, A330-300s, and ATR72-600s among others.
TransAsia is likely to sign sales agreements around the end of February following which the aircraft will be delivered in March and April, he said.
Proceeds will be put towards the payment of debts. Taiwan's Financial Supervisory Commission shows local banks are exposed to the tune of TWD11.06 billion (USD346.93 million).
