Tuesday, December 11, 2012

■ SOUTH AFRICA: 1Time liquidators seek deadline deferment to February 2013 as talks with fastjet go on.

1TimeLiquidators for defunct South African LCC 1Time (T6) today applied for a postponement of the deadline for the final liquidation of the airline, as talks with fastjet (FN) continue. The recently launched Tanzania-based LCC confirmed last week that it was in negotiations with the management, directors and provisional liquidator of 1Time (T6) over a possible buy out which would eventually pave the way for a fastjet entry into the South African market.

A fastjet A319 in Tanzania
A fastjet A319 in Tanzania (fastjet)
Should the deal go through, the proposed transaction would involve fastjet paying a nominal fee for the purchase of 1Time Airline and reaching a settlement with the 1Time creditors.

Speaking to South African paper, The Mercury, one of 1Time's liquidators, Aviwe Ndyamara could not be drawn into giving details of the negotiations, simply saying that he was “confident” that “some sort of resolution” would be reached “soon”:
The return date [for the possible final liquidation] is December 11 [today], so we will be applying to have that postponed until some time in February while we are still in negotiations, and also to keep the operating licences."

In his statement last week, fastjet CEO, Ed Winter, said that whilst the time scales were "challenging", he did hope to have a resurrected 1Time back in the skies in time for Christmas.