News: Oasis Hong Kong go bust
Flights > News > # 1746 (10/04/2008)
Oasis Hong Kong Airlines has gone into liquidation.
The airline had run cheap flights between London Gatwick and Hong Kong since October 2006, but ceased operating this week.
The airline’s founders, husband and wife team Raymond and Priscilla Lee, have blamed rising fuel costs and the high price of buying aircraft for the airline's collapse.
Mr and Mrs Lee said: “The hike of the oil prices has also affected us severely. As a newly started airline, we have found it next to impossible to obtain a credit facility from financial institutions to carry out fuel-hedging programmes.
They added that during the airline's licence application process, Oasis “faced opposition from our competitors for almost six months”, resulting in rental aircraft being “snatched away by other competition, and we have had to purchase aircraft instead of renting them”.
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