BUSINESS Taiwan airline suspends operation due to financial troubles

BUSINESS

Taiwan airline suspends operation due to financial troubles

Xinhua

19:54, December 13, 2019

738129675c8e448f94ad3f1d297c7373.jpg

File photo: CGTN

TAIPEI, Dec. 13 (Xinhua) -- Far Eastern Air Transport Corp. (FAT), a Taiwan-based carrier, on Friday promised to resume operation as quickly as possible, a day after the company announced its suspension of operation without warning.

The suspension was due to a shortage of capital, but the company has approached three groups of investors, FAT Chairman Chang Kang-wei said at a press conference Friday.

Chang said if the funds are secured, he hopes flights could be resumed as early as Friday afternoon.

The sudden decision to suspend operations had triggered outcries from passengers and serious warnings from the authorities.

The island's aviation authority warned Thursday that the airline may face a fine of up to 3 million new Taiwan dollars (about 98,500 US dollars) and have its license withdrawn.

As of Friday afternoon, the island's aviation authority has not announced its decision on whether to allow FAT to resume operation.

Established in 1957, FAT declared bankruptcy in 2008 but resumed operation three years later after restructuring.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue