Johannesburg - 1time Holdings filed for business rescue on Tuesday and according to the low-cost airline’s CEO Blacky Komani, “It is business as usual and passengers have nothing to fear.”According to Komani, the business rescue procedure is a temporary measure instituted in terms of the companies act that now affords the airline a three-month period to formulate a business plan aimed at resolving its "financial distress". The firm had about R320 million in short-term debt and had been in negotiations with creditors since March.The process is now with the Companies Intellectual Properties Commission (CIPC – formerly known as CIPRO), responsible for approving the nominated business practitioner who will oversee the business plan process during the next three months. 1time is expecting to receive the approval announcement on Thursday.When asked about the emergency landing and engine failures experienced by one of its plane, Komani says the Civil Aviation Authority has had a look at the plane and its history.CAA reports have shown that while it was the same plane that had to make an emergency landing at Durban's King Shaka International Airport on August 5, the latest incident did not involve the same engine. Komani said the earlier engine troubled had been caused by a broken blade, while the latest engine trouble had been caused by an "outside object, potentially ice, affecting the engine.""Everything was checked out. This was an unforeseen problem," airline spokesperson Refilwe Masemola also stated in earlier reports.Komani stated that he had been to OR Tambo International airport earlier in the day to talk to staff and passengers and he was “humbled by the goodwill passengers had shown to him". He wants to "assure travellers that operation will continue and that the airline will continue flying."