Thursday, April 25, 2013

■ SOUTH AFRICA: 1Time liquidation to be brought forward as deal with fastjet now more and more unlikely

1TimeOn the back of  news that fastjet (FN) has entered into a partnership with South African investment firm Blockbuster and Federal Air (7V) with flights to Johannesburg and Cape Town set to start in late May, 1Time's liquidator says he has applied to have the proposed total liquidation date of the airline brought forward.

A 1Time MD83 (1Time)According to BusinessReport, provisional liquidator, Aviwe Nyamara, has said that the defunct LCC’s debts "had risen to about USD49million (ZAR450 million) and offers from prospective buyers were not enough to cover the cost of compromise." 

As a result, the airline's date of final liquidation, which had previously been put back until October to allow time for further negotiation with fastjet over a possible buy out pending South African DoT approval, to be brought forward.

The liquidation will not affect 1Time's sister MRO company, Jetworx, who have been acquired by the American Industrial Acquisition Corporation (AIAC).