Oasis airline runs dry, ceases operations
Hong Kong-based budget air carrier Oasis Hong Kong Airlines ceased operations Wednesday and sought protection from a Hong Kong High Court as it prepared to liquidate its assets.
The move, which immediately terminated all flights, left hundreds of OHKA passengers stranded at the carrier's hubs in Hong Kong, London Gatwick and Vancouver International Airport.
'It is with great regret Oasis Hong Kong has today voluntarily applied to the Hong Kong court to appoint a liquidator,' said OHKA chief executive Stephen Miller at a press conference.
Accounting firm KPMG confirmed it has been appointed as the provisional liquidator by OHKA.
The Hong Kong Economic Times reported that the airline had amassed debts of up to one billion Hong Kong dollars ($128 million), since it began operations in 2006.
Cathay Pacific, also based in Hong Kong, began offering specially priced one-way tickets to stranded passengers soon after the announcement of OHKA's demise was made.
Oasis, which employed about 700 people, was started 18 months ago by the husband-and-wife team of Raymond and Priscilla Lee. The airline operated five 747 aircraft, offering daily service between Hong Kong and London and later six flights a week between Hong Kong and Vancouver.