Monday, November 5, 2012

■ SOUTH AFRICA: FastJet Plc revealed to have been 1Time's suitors.

The mysterious investor, who could have been 1Time Holdings knight in shining armor during its hour of need on Friday last week, have been revealed to be British group, FastJet PLC.

Spokesman for the South African trade union Solidarity, Marius Croucamp, made the revelation today:
The company pulled out of the transaction at the last minute, however. 1time’s management met with the business rescue practitioner on Friday morning after this setback, after which it was decided to apply for liquidation as a last resort. The court application for provisional liquidation will be lodged today,” spokesperson Marius Croucamp said in a statement.
Source [DefenseWeb]

1Time Airlines
1Time in happier times
1Time Holdings spokeswoman, Refilwe Masemola,  declined to comment on the claim, but added that "a full statement will be released tomorrow [Tuesday] with every detail of what happened."

FastJet Plc is the holding company for African LCC Fly540, which operates from four bases in Kenya, Tanzania, Ghana and Angola and is owned by Sir Stelios Haji-Ioannou’s easyGroup.

On Friday, 1Time's business rescue practitioner advised the board that that there were no reasonable prospects of survival as their potential financier, now known to be FastJet, notified had them that afternoon that they would no longer be able to invest in the airline, who, as of Monday afternoon, have filed for provisional liquidation.