The shareholders of troubled TransAsia Airways have agreed to a management proposal to finally shutter the company.
A motion to dissolve the airline was passed at a special shareholders meeting due to large debts and little chance of a rescue package forthcoming.
Agreement was also reached to delist the company’s shares on the Taiwan Stock Exchange and pass a severance plan for employees.
TransAsia suffered losses of NT$2.2 billion (US$69 million) in the first three quarters of 2016 and has been unable to find a buyer since chairman Vincent Lin announced it would abruptly cease trading in November 2016.
