On Wednesday the Macau Daily Times reported the chairman of the board of directors of Air Macau, Zhao Xiaohang, sent out a letter to the company's shareholders announcing that “since April 30, 2008 the net worth of the company had fallen below half of the value of the company's capital,” leaving the company in the situation described in article 206 of the Macau Commercial Code.
According to the article, if a company looses up to half of its capital, the body must proposed that the company be dissolved or the capital reduced – unless shareholders pay amounts in money that replenish the assets to a measure equal to the value of the company capital.
The airline has lost up to 100 million patacas in the months of May and June alone, and another 100 million in the first quarter of this year, totalling half of the company's capital.