Hong Kong budget airline Oasis in liquidation
Posted: 09 April 2008 1439 hrs

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HONG KONG: The Hong Kong-based budget airline Oasis has gone into liquidation, its chief executive Stephen Miller said Wednesday.

"It is with great regret that Oasis Hong Kong Airlines has today voluntarily applied to the Hong Kong courts to appoint a liquidator," Miller told a press conference.

All flights on Oasis departing from Hong Kong on Wednesday were cancelled. Passengers already holding tickets were advised to contact a hotline.

Earlier, the Hong Kong Economic Times reported a "rumour" that the company was struggling under debts of up to one billion Hong Kong dollars (128 million US) and would cease flying from Wednesday.

Oasis launched in October 2006, offering one-way Hong Kong to London pre-tax fares of 1,000 Hong Kong dollars (128 US). It later added a link to the western Canadian city of Vancouver.

The company had been operating daily between Hong Kong and London, and six times a week between Hong Kong and Vancouver, with plans to open additional routes to Europe and North America.

Oasis employs just under 700 staff.