TAIPEI -- Taiwanese regional carrier TransAsia Airways will suspend trading and flights on Tuesday amid speculation that the company has run into financial troubles after two crashes in July 2014 and February 2015.
The airlines said in a Monday statement that it would halt flights on all routes for a day on Nov. 22, but declined to offer any further details on its finances. The Taiwan Stock Exchange said shares of the carrier will stop trading from Tuesday "as the company has some material information to announce."
After a day of chaos during which TransAsia declined repeatedly to clarify its financial position, the company eventually announced on Monday evening that it would hold a press conference the next day.
TransAsia shares shed more than 7% to close at NT$5.2 on Monday.
TransAsia is Taiwan's third largest airlines after China Airlines and Eva Airways. It mainly operates routes to China and Japan and also flights between mainland Taiwan and some outer Taiwanese islets.
The airline's reputation was damaged after it suffered two major crashes that led to 91 deaths in less than a year. Taiwan's Aviation Safety Council later blamed both crashes on pilot errors.
The first accident happened in heavy rain near Magong Airport on the outer Taiwanese island of Penghu on July 23, 2014, killing 48 and injuring another 10.
The second accident happened when a TransAsia aircraft clipped a bridge in Taipei and crashed into the Keelung River on February 4, 2015, leaving 43 people dead and 14 injured.
Following the tragedies, TransAsia lost 1.15 billion New Taiwan dollars ($36.06 million) in 2015. Its losses deepened this year, bleeding more than NT$2.2 billion in the first nine months.