Taiwan airline Transasia to shut down after suffering losses

Taipei

TRANSASIA Airways Corp, the Taiwanese airline that suffered two fatal crashes in the last two years, said its board decided to dissolve the company after the disasters worsened its finances amid a weak regional market.

The Taipei-based airline, whose board met early on Tuesday, said it can't repay convertible bonds due on Nov 29, but will compensate affected customers in full. The carrier has reported losses in the past seven quarters, according to data compiled by Bloomberg.