(Yicai Global) Nov. 23 -- A proposal to dissolve Taiwan's TransAsia Airways subject to shareholder approval has been passed at an extraordinary meeting, the company said at a news briefing.
TransAsia Airways has set up an emergency response team to handle ticket refunds. All its employees will be dismissed according to the Labor Standards Act.
The airline experienced an air crash for two consecutive years in 2014 and 2015. It has tried to improve flight safety in the wake of the air crashes but failed to turn around its operations, recording losses of TWD2.2 billion (USD68.2 million) in the first three quarters of this year.
Founded in 1951, TransAsia Airways was Taiwan's first private airline and mainly operated regional routes within Taiwan, routes between Taiwan and the mainland as well as regional international routes.
With Taoyuan Airport and Taipei Songshan Airport as its hub airports, TransAsia Airways provided passenger transportation and ground services and was the third-largest airline in Taiwan.