China

Details

  • Type: Business and industry issue, KPMG information, Press release
  • Date: 4/18/2008

Update on the provisional liquidation of Oasis Hong Kong Airlines Limited 

18 April 2008

 

As previously advised, since their appointment as Oasis's Provisional Liquidators on 9 April 2008, KPMG's Edward Middleton and Patrick Cowley, have been engaged in urgent efforts to facilitate a rescue of Oasis's business. In this endeavour, we have been assisted by financial advisers, Access Capital Limited.

 

As of the end of business today, substantive negotiations with several interested parties are in progress but none of these have materialised into firm investment proposals. The deadline imposed by the Provisional Liquidators for receipt of proposals has now passed. In the absence of firm proposals, the Provisional Liquidators now have no alternative but to reduce costs substantially, in the interests of all creditors. Accordingly, the Provisional Liquidators have with great regret today terminated the employment contracts of all pilots and cabin crew, as well as the vast majority of the staff based at Oasis's Tung Chung offices. A small number of staff will be retained to assist the Provisional Liquidators in the exercise of their duties going forward.

 

The Provisional Liquidators acknowledge that this development severely diminishes the prospects for any rescue of Oasis, but they will nonetheless continue their efforts in this regard.

 

The Provisional Liquidators wish to acknowledge the tremendous team spirit that has been evident among the Oasis' staff, and to place on record our personal appreciation for the support and commitment that we have received from them during what has been a very difficult period for them.

 

In this regard, we have been closely liaising with the Labour Department (LD), and are glad to note that the LD has made special arrangements to assist the staff concerned. We will honour our obligations as Provisional Liquidators, and will render full assistance to LD so that the staff's rights and obligations under the law and their employment contracts are safeguarded.

 

Edward Middleton and Patrick Cowley
Joint & Several Provisional Liquidators

 

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About KPMG

 

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About KPMG China

 

KPMG China has eleven offices (including KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao, Shanghai, Chengdu, Hangzhou, Fuzhou, Guangzhou, Shenzhen, Hong Kong SAR and Macau SAR, with more than 7,000 professionals.

 

In 1992, KPMG became the first international accounting firm to be granted a joint venture license in China, and our Hong Kong SAR operations have been established for over 60 years since 1945. This early commitment to the China market, together with our unwavering focus on quality, has been the foundation for accumulated industry experience that cannot be rivaled, and is reflected in our appointment by some of the China's most prestigious companies.

 

As China businesses join the global economy and international companies seek to enter the China market, KPMG's blend of international experience and local knowledge makes us well-positioned to serve our clients in this increasingly complex, but exciting market.

 

Our single management structure for all our China offices allows efficient and rapid allocation of experienced professionals wherever the client is located in China. The flexibility of this single structure allows us to effectively serve companies across China - and we have many projects where staff from different offices work together on project under the control of a single nominated client partner, who has operational control of all resources.

 

Our business in China has established industry groups, enabling targeted, industry-specific experience to be delivered where needed. For our clients this focus on industry and country specific knowledge means we can deliver exceptional people with an intimate knowledge of your specific business issues, as well as an overriding commitment to strive for the highest quality services. KPMG has a leading position in the China market and our clients include the most prestigious and sizeable companies.

 

For media enquiries, please contact:

Nina Mehra

Senior Manager, Media Relations

KPMG China

 +852 2140 2824 (Direct)

   +852 9724 6092 (Mobile)

 nina.mehra@kpmg.com

 

 

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