After two fatal crashes, TransAsia Airways to shut down operations

TAIPEI, Taiwan, Nov. 22 (UPI) -- Taiwan-based TransAsia Airways Corp. said Tuesday it will shut down operations because of mounting losses after two fatal crashes.

The announcement came in a required Taiwan Stock Exchange filing. A statement said it could not repay convertible bonds due Nov. 29; shareholders will vote on the decision to end operations on Jan. 11, 2017.

Vincent Lin, TransAsia chairman, said the airline was losing as much as $9.4 million each month, adding, "We decided to dissolve the company when we're still able to handle creditors, passengers and employees. It's doubtful if we would be able to do it in six months."

The company reported losses in each of the past seven quarters totaling $1.1 billion.

Founded in 1951 as Taiwan's first private airline, TransAsia flies to 27 destinations. In July 2014 one of its 16 planes struck a building while landing in Taiwan's Penghu Islands, killing 48 people aboard. Another 35 people were killed in July 2015 when a TransAsia plane crashed into Taiwan's Keelung River, its pilot acknowledging he had incorrectly shut off an engine. Executives said they would strengthen pilot training, but after the second accident, 10 of the airline's 49 pilots failed emergency tests ordered by the Civil Aeronautics Administration of Taiwan.