Far Eastern Air Transport Corp (FAT), whose flights were grounded by the government after it abruptly canceled all flights last month, yesterday said that a team of investors HAS agreed to take over the airline if it is allowed to resume services.
“I am asking the government to do us a favor: help new management to swiftly take over the company and allow FAT to operate again,” FAT chairman Chang Kang-wei (張綱維) said, adding that the funding would first be used to pay the salaries owed to FAT’s 1,000 employees since last month as well as other debts.
The undertaking is for an injection of NT$3 billion (US$99.9 million), said Tsai Hui-ling (蔡慧玲), a lawyer who represents the investment team led by Taiwanese investor Tsai Meng-che (蔡孟哲).
Photo: Liao Chen-huei, Taipei Times
However, the bailout depends on the government allowing FAT to resume flights and listing follow-up requirements, Tsai Hui-ling said.
The investors would be upset if the government cancels FAT’s civil aviation flight permit, as that would mean the airline would have to spend at least six months going through airworthiness tests, Tsai Hui-ling added.
Chang and Tsai Hui-ling made the remarks as the Ministry of Transportation and Communications moved toward canceling FAT’s permits, based on recommendations from the Civil Aeronautics Administration.
The ministry said that Chang has failed five times since Dec. 13 to keep his promise about securing new funding, when he told the public that the abrupt announcement a day earlier was caused by a misunderstanding among the management over the airline’s financial situation.
Chang’s top priority should be looking after the company’s employees, it asid.
“Chairman Chang said in a news conference on Dec. 13 that it was his employees, not him, who misjudged the situation and erroneously announced that the airline would cease operations, adding that it was applying to resume flight services. He has falsely promised five times that funding for the company would soon arrive and still owes his employees last month’s salary. As the nation is to start celebrating the Lunar New Year holiday tomorrow, we urge him to take full responsibility and quickly pay his employees the salaries he owes,” the ministry said.
Regardless of whether the ministry revokes FAT’s air operator certificate, any investor interested in funding the airline should first file an application per the regulations in the Civil Aviation Act (民用航空法), it said.
The airline must also pass a five-stage review before it can be allowed to resume flight services, it added.
The airline must have at least NT$6 billion in capital if it seeks to offer international flight services and at least NT$1.5 billion if it wants to be a domestic carrier, the ministry said.
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