HONG KONG: Oasis finds no buyer and is liquidated

Oasis Hong Kong Airlines liquidator KPMG said in mid-April that the deadline to fi nd a new buyer or investor had passed despite “substantive negotiations with several interested parties” and that there now was “no alternative but to reduce costs substantially.” Jobs of all pilots, cabin crew and office staff were terminated, with a “small […]


Oasis Hong Kong Airlines liquidator KPMG said in mid-April that the deadline to fi nd a new buyer or investor had passed despite “substantive negotiations with several interested parties” and that there now was “no alternative but to reduce costs substantially.” Jobs of all pilots, cabin crew and office staff were terminated, with a “small number” kept on to assist the liquidators, KPMG announced. Reuters reported that about 700 lost their jobs. Oasis ceased operationson April 9.

“It is with great regret Oasis Hong Kong has today voluntarily applied to the Hong Kong court to appoint a liquidator,” chief executive Stephen Miller, said at a press conference. According to a Reuters report China’s Hainan Airlines, backed by investor George Soros, may have been interested in purchasing Oasis as a way into the lucrative Hong Kong market.

It has been reported that the airline was struggling with debts of up to US$128 million exacerbated by soaring fuel costs and the rising cost of credit.