Oasis Hong Kong Airline's CEO, Stephen Miller, told a press conference this afternoon that Oasis has suspended its flights and that liquidators will seek new investors.
Miller said: "It is with great regret that Oasis Hong Kong Airlines has today voluntarily applied to the Hong Kong courts to appoint a liquidator."
The airline shut down today, 18 months after its launch in 2006. It is the fourth airline in two weeks to cease operations.
It is not yet clear how many passengers will be affected. All flights on Oasis departing from Hong Kong have been cancelled. Passengers holding tickets are advised to contact a hotline.
The fate of the airline's 700 employees has not been confirmed.
Budget carrier, Oasis Hong Kong Airlines, is said to be ceasing operations from today. According to reports, the airline has suffered heavy losses since it began flights in October 2006.
"We have no comment for the time being," Oasis CEO Stephen Miller told Reuters.
The Hong Kong Economic Times today quotes unidentified sources saying that the airline has accumulated losses of about HK$1 billion (US$128 million) during two years of operation as it struggled to grab a slice of the market.
