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Grounded Far Eastern Air Transport wants to restart services
Taiwan’s Civil Aeronautics Administration will this week assess a request from Far Eastern Air Transport Corp to restart operations.
The airline, known as FAT, abruptly ceased all operations last Friday after cash reserves dried up, leading to the suspension of its flying permit.
Yet just hours later, it said news of its demise is premature.
FAT filed a petition to restart services, claiming it has assurances of new funding from three lenders.
The request will be looked at this week, the CAA said.
FAT vice president Huang Yu-chi said the airline only had a shortfall of about $1 million in capital and only announced the shutdown because it was unable to contact chairman Chang Kang-wei.
Chang has been banned from leaving the country.
Transportation minister Lin Chia-lung said the request to resume operations will be fully assessed but will only be granted if it meets all current standards over operational safety and liquidity.
The ministry also has concerns over the lack of transparency in FAT’s corporate governance.
The airline hasn’t disclosed where the new funding is coming from.
Local media reported FAT owes about NT$2.2 billion to Taiwan Cooperative Bank.
One lawmaker accused Chang of siphoning off funds from this loan to a separate leasing company he owns and not affiliated to the airline.
Chang has denied this.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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