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Oasis HK goes bust!!

 
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nothrills



Joined: 24 Jan 2008
Posts: 5
Location: Belgium/Lithuania

PostPosted: Wed Apr 09, 2008 8:16 am    Post subject: Oasis HK goes bust!! If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSB66362620080409

And we are booked on it for this summer... Probably no chance that they will accommodate us on other flights?

Sad
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attitudetravel



Joined: 15 Nov 2007
Posts: 401
Location: London, UK

PostPosted: Wed Apr 09, 2008 9:41 am    Post subject: If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

Big trouble in Little China.

Oasis is reported to be weighed down with losses of over HKD 1 billion.

At the end of this Reuters update:

HK budget airline Oasis to stop flying

Joanne Chiu reports the following comments from the Chinese-language Hong Kong Economic Times:

Quote:
the airline was expected to announce details on refunds of about HK$100 million from advance bookings.


So you might get some money back.
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attitudetravel



Joined: 15 Nov 2007
Posts: 401
Location: London, UK

PostPosted: Wed Apr 09, 2008 10:02 am    Post subject: If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

Well I certainly didn't see this coming.

I flew on Oasis twice in October 2007 and once again in February 2008. The airline seemed in good shape, the service was excellent and the fares were jaw-droppingly low.

The airline looked like it was in a good position to create new routes to Australia and the USA and to thrive as one of the very few successful low cost long haul airlines (which might also include the Transatlantic carrier Zoom and Australia's Jetstar International - though Oasis flew longer haul than both).

I wonder, given that the failure of Oasis comes right on top of the collapse of ATA Airlines and Skybus last week, if we're just seeing the beginning of a global low cost airline toilet flush?

If there is such a flush, triggered by a mass exit of nervous investors following many months of unprecedentedly high oil prices, the only airlines which survive will presumably be those which have sufficiently robust models - time to separate the men from the boys?
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attitudetravel



Joined: 15 Nov 2007
Posts: 401
Location: London, UK

PostPosted: Wed Apr 09, 2008 10:23 am    Post subject: If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

It's not clear at this point but there is the slimmest chance that Oasis might yet be saved by a new injection of capital.

This International Herald Tribune article mentions that the liquidators are seeking new investors:

Hong Kong budget airline Oasis shuts down, applies for liquidation
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Konangrit



Joined: 27 Nov 2007
Posts: 137


PostPosted: Mon Apr 14, 2008 4:26 am    Post subject: If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

This is a really big surprise to me, they seemed to be doing fine. Hopefully AirAsiaX will start flights to Europe soon. I had yet to fly with them, but was hoping to be able to go to Canada with Oasis in the future, that trip will be put on the back burner now as I doubt there will be any fares that even come close to Oasis's.

Good luck with finding another flight, nothrills.
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attitudetravel



Joined: 15 Nov 2007
Posts: 401
Location: London, UK

PostPosted: Fri Jun 13, 2008 6:23 am    Post subject: If a post contains some illegal issues you may abuse on it - just click Abuse and fill the form Reply with quote

Quote:
The brief life of Hong Kong's collapsed budget airline Oasis was formally ended on Wednesday after the city's High Court issued an order for it to be wound up, the company's liquidator said.


Quote:
[...] the firm's founders said in April that soaring fuel costs and a decision to buy aircraft instead of renting them had led to the airline's demise.


Source: Hong Kong budget airline Oasis formally wound up

RIP Oasis.

Good effort all round. You succeeded for nearly 18 months operating long-haul low cost flights between Europe and Asia, where BackpackersXpress never even got off the ground.

You achieved what Viva Macau, Air Asia X and Air Syhet have all promised, but have all failed to date to pull off.

You were the first airline to operate low fare trans-Pacific flights from East Asia to the West Coast of North America.

Oasis Hong Kong, you will be remembered as a pioneer.
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