Another one: NokScoot announces liquidation
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.
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, the parent company of Scoot, colors.
How well do you know the Boeing 787? [Quiz]
On July 8, 2007, the Boeing 787 rolled out of the factory for the first time (07/08/07, got it?). To meet the symbolic d...
Sketching the 6th generation fighter jet
While countries are still developing the 5th-generation fighter jets, the most advanced so far, manufacturers around the...
Dutch government brings Russia to court over MH17 downing
The Dutch government announced that it would bring Russia before the European Court of Human Rights (ECHR) "for its...
US bans Pakistan International Airlines flights over fake degrees
The United States banned Pakistan International Airlines (PIA) flights from its airspace. The decision follows the recen...
LATAM Brazil enters bankruptcy proceedings; LATAM secures funds
Despite its parent company LATAM securing funds to weather the current storm, LATAM Brazil entered Chapter 11 bankruptcy...