The former Civil Aeronautics Administration (CAA) chief said Wednesday that he has decided to abandon a plan to take over TransAsia Airways, because the airline's domestic and international flying rights are to be revoked.
Since TransAsia did not raise objections or submit a plan to resume flights by 11:59 p.m. Tuesday, the deadline for the CAA to report to the Transport Ministry to take back the airline's flying rights, Billy Chang (???) said he withdrew the takeover offer.
"It is impossible to run TransAsia without flying rights," Chang said in a press conference. "If I jump in now, then it will be a real disaster."
Chang announced the previous day that he had been commissioned by backers from the high-tech sector to express the group's interest in taking over TransAsia, which abruptly announced its closure on Nov. 22 due to financial woes.
Chang, however, declined to identify the backers interested in assuming control of TransAsia Airways, out of concern that revealing their identity prematurely could scuttle the deal.
The sudden move raised controversy and was criticized by transport officials as "premature" and showing a "lack of discretion," because Chang had not even reached a deal with TransAsia before making the proposal to the CAA.
In response, Chang complained in the press conference that there is not enough time for TransAsia to draft a plan to resume flights because "it will at least take half a month."
Under the current schedule, all TransAsia flying rights will be re-assigned to other airlines by the end of December, according to the CAA.
Source: Focus Taiwan News Channel