China Airlines (CAL,
It was giving up its seat to avoid a conflict of interest, the company said in a press release.
"Our position is kind of awkward," PR manager Annie Huang (
FAT owes CAL cargo fees and passenger fares, she said, declining to say how much.
"By our move, we are giving FAT more room for adjustment, and hope that there will be greater opportunities for cooperation," Huang said.
China Airlines owns 34.75 million shares, or 5.73 percent, of FAT stock.
FAT said yesterday that a NT$25 million (US$788,000) check to Ta Chong Commercial Bank (
Company spokesman Hanson Chang (
FAT also failed to pay NT$44.86 million in landing fees that it owes to the Civil Aeronautic Administration as promised on Monday.
The Chinese-language newspaper Commercial Times reported yesterday that FAT still had a potential liability of NT$2 billion.
Chang refused to comment on the report.
She said, however, that FAT's management would soon unveil its financial restructuring plan.
The Taipei District Court said FAT failed to submit a NT$5,000 processing fee when it filed its request for financial restructuring on Thursday night. If the company does not pay the fee within five days, the court said it would reject the request.
Chang said the company had appointed a lawyer to take care of the legal procedures.
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