Oasis Hong Kong.... shuts down.

OK, guys, this is getting old already...

We had enough airlines go out of business last week. Just as I was getting ready to turn in for the night, the following came across the wires....

Oasis Hong Kong Airlines, struggling amid mounting losses, said Wednesday it halted operations, grounded its aircraft, and asked the Hong Kong High Court for protection as it explores how to liquidate its assets, media reports say.

Under Chinese business law, I'm guessing there's either not an equivalent to Chapter 11, receivership or administration as there is in US and most European countries, or the situation was just so grim that Oasis's owners threw in the towel. They'd been looking for potential new investments for a while according to a Bloomberg article I read, so perhaps it's really just a matter of cutting losses while you still can.

Oasis was operating a fleet of four 747-400's between HKG and both YVR and LGW, and had been in business since late 2006.

Again, a small carrier with a somewhat over-ambitious business plan goes belly up...