NokScoot, a joint venture between Thailand-based Nok Air and Singapore-based Scoot, announced that the airline will be liquidated unless its shareholders have different opinions.

Despite its colorful livery and ambitious plans, the airline was unable to achieve a profit since its establishment in 2014, highlighted a press release by Scoot.

“Much of this was contributed by the difficulties in growing the network, and the intense competitive environment. Unprecedented challenges arising from the COVID-19 pandemic have further exacerbated the situation,” stated Scoot.

The Singapore-based airline does not see a “path to recovery” for NokScoot. It initially offered its 49% stake to its other shareholder Nok Air for a symbolic sum of $0.03 (TBH1), but the Thai low-cost carrier decided not to take the offer.

Now, the fate of the low-cost carrier sits in the hands of its shareholders. A general meeting will be held on July 14, 2020, to “consider and approve the dissolution and liquidation along with appointing the liquidator of NokScoot Airlines,” stated a release by Nok Air.

The liquidation of NokScoot Airlines “poses no direct or indirect impact to the company’s normal operations,” noted the Thailand-based no-frills airline.

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The long-haul low-cost carrier was established in 2014, with Scoot owning a 49% stake at the airline, while Nok Air, another low-cost carrier, had a 51% stake at the company. NokScoot operated a fleet of seven Boeing 777-200ER aircraft, all previously flown under Singapore Airlines, (SIA1) (SINGY) the parent company of Scoot, colors.