Hong Kong - Seven hundred pilots, flight attendants and other employees at collapsed Hong Kong budget airline Oasis lost their jobs Friday as the airline failed to find a buyer.

Liquidator Edward Middleton, who took over the company after it declared itself bust nine days ago, said a so-called "White Knight" had failed to come forward and staff had to be let go.

Middleton said at a press briefing: "No firm investment proposals have been received. In practical terms this means there are no emergency funds available to the provisional liquidator to maintain operations such as they are."

The jobs of all the airline's air crew, flight attendants and other employees had been terminated with effect from Friday afternoon, Middleton said.

More than 30,000 passengers holding tickets valued at 300 million Hong Kong dollars (38.5 million US dollars) lost out when Oasis collapsed last week.

The airline, which offered fares of as little as 1,000 Hong Kong dollars between London and Hong Kong, suspended all flights Wednesday after going into voluntary liquidation 18 months after its launch.

Oasis chief executive Steve Miller initially said he was "very confident" someone would come forward to take over the airline and to save the jobs of its staff.

However, the airline's huge losses and debts to creditors along with the uncertain outlook because of high fuel prices appeared to have put off any potential saviours.

Oasis caused a sensation in Hong Kong's aviation industry when it began operating two Boeing 747 planes in October 2006, flying between Hong Kong and London.

Within a year, it had five 747s in operation and boasted that in its first year it flew 250,000 passengers between London and Hong Kong. It began flights to Vancouver in June. (dpa)