BANGKOK, June 27 : Thailand's low-cost carrier NokScoot, which is partly owned by Singapore Airlines, said its board of directors decided to liquidate the company as the Covid-19 pandemic dimmed prospects for its recovery.
The airline, a joint venture between Singapore-based Scoot and Nok Airlines Plc, has not recorded a full-year profit since its inception in 2014. "Unprecedented challenges arising from the Covid-19 pandemic have further exacerbated the situation,” the company said in a statement Friday.Singapore Airlines, which owns 49% of NokScoot through Scoot, said it does not see a path to recovery and sustainable growth for NokScoot.
It said it offered to sell its stake in NokScoot to Nok Air for a nominal sum of 1 Thai baht, but it was not taken up.The decision leaves 450 employees out of work. NokScoot flew from Bangkok to Singapore, Taipei and destinations in China and Japan using a fleet of Boeing 777-200 aircraft leased from Singapore Airlines. - AP