1time clings to fastjet lifeline

2013-03-08 08:54

Cape Town - It has been four months since 1time was placed in provisional liquidation but it is still not clear whether the failed low-cost carrier will be liquidated or thrown a lifeline by fastjet.

Tourism Update reports that the return date for the provisional order has been extended for the second time, this time until October 2.

1time's Provisional Liquidator, Aviwe Ndyamara of Tshwane Trust, confirmed to Tourism Update that the extension was due to on-going negotiations with fastjet.

Andries Ntjane, Deputy Director: licensing and permits at the Department of Transport, said fastjet's application to acquire 1time was still being considered. He said fastjet had submitted an amendment to its application that dealt with the BBBEE component of the company.

In order to win regulatory approval for its acquisition of 1time, fastjet has applied to Transport Minister Ben Martins for an exemption to the Air Services Act, which requires that 75% of the shareholding of the licence holder is held by South African residents. The act gives the minister the power to exempt operators from this requirement, however, no decision has been made regarding this yet.

Mango and Comair have strongly objected to fastjet's application for an exemption and its plans to acquire 1time, claiming it would have a negative impact on the local aviation industry.

In the mean time fastjet is also facing a claim amounting to over £1m from Tanzanian authorities for not paying taxes for close to a year. Fin24 reports that a spokesperson for the carrier who claimed that the matter was a legacy issue inherited from the Fly540 operation, which Fastjet acquired in June last year.



 
Read more on:    flights  |  travel south africa
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