History
The airline was established in 1957 and started operations in November 1957. It originally focused on charter flights until the introduction of scheduled services in January 1965. For the next 30 years this carrier was the No. 1 brand in Taiwanese domestic routes and was granted the right to fly regular international flights in 1996, from Kaohsiung International Airport to Palau and Subic Bay. It started cargo operations in the Asian region in 2004. The airline had 1,220 employees (at March 2007). Beginning in 2004, FAT invested in the Cambodian airline, Angkor Airways. Angkor Airways subsequently shut down flight operations on May 9, 2009. The chairman, Alex Lou(樓文豪) was put into custody by Cambodian police on May 9, 2009 for his alleged breach of trust.
Due to the ever-rising fuel prices and Taiwan High Speed Rail's inauguration, the airline suffered financial losses since early 2007 and the situation was seriously worsened by poor financial management and risky investments. On 13 February 2008 FAT failed to pay the USD 848,000 it owed to the International Clearing House, a financial subsidiary of IATA, and IATA cancelled the airline's membership as a result. Although a local court granted FAT's restructuring application on 23 February 2008, in the next three months it still failed to obtain the necessary funds and the company's bankruptcy protection expired on 22 May. FAT had stopped paying employee salaries but the staff were still on duty as of May 2008 because they wanted to try to save the company but some were saying they could not hold on much longer.
On November 27, 2010, an MD-83 (aircraft registration number: B-28025) of FAT began flight test at Taipei Songshan Airport at 10am. The plane successfully landed and returned to the airport at 12:20pm. The aviation authority in Taiwan granted a test flight license to FAT but required an additional test flight and $50 million New Taiwan Dollar as deposit before the re-granting an airline operating license. The airline restarted its services on April 18, 2011.
Read more about this topic: Far Eastern Air Transport
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