The airline's board said it required business rescue because it was "financially distressed", Business Day reported.
The firm had about R320 million in short-term debt and had been in negotiations with creditors since March.
The low-cost airline, which was in the news this week following a second engine failure on one of its planes, would continue with its scheduled services, according to the report.
Earlier this year, another low-cost airline, Velvet Sky, went into liquidation after failing to convince a court that it was a candidate for business rescue.
According to Eyewitness News the company may have to lay off some staff as it looks to restructure operations.