Taiwan bus company closes

Finding itself $1.2 billion in debt, Taiwan's state-owned long-distance bus operator Taiwan Motor Transport Co. shut down at the end of June. The company left the government with more than half that amount in loan payments and workers' compensation to dole out, according to the Taipei Times. The closure was part of the government's plan to shed state assets. The government will pay about $700,000 to cover loan repayments and compensation for the company's 3,100 workers. A third of the employees from the company spent nearly $9,000 per person to start a new bus company that began operating in July. Other employees will retire or receive training or job placement from the government. Taiwan Motor was founded by the government in 1980.