TransAsia Airlines has announced it will liquidate the company despite efforts to restructure, the company said.
The company said in the last three quarters, it recorded losses of more than USD62.7 million, which was impacted by two fatal turboprop crashes in recent years. Shareholders must approve the proposal to dissolve the airline. Thereafter, it will enter into liquidation.
TransAsia has 19 aircraft in service and is a large airline operator in Taiwan.