New lifeline for 1time?

2013-05-23 08:44
Johannesburg - There might still be hope for 1time after the provisional liquidator received an offer of R15m for a controlling stake in 1time Holdings as well as Jetworx, the aircraft maintenance unit, from what is believed to be forces behind Velvet Sky.

Business Day reports that the offer comes from PAKAfrica Aviation, a Pakistan-based aviation group with Middle Eastern interests in aerospace and aviation. The group is represented in South Africa by Stephen Nthite of Velvet Sky, which closed last year after only a year in operation.

According to the report 1time's liquidators have been in talks with "a number of potential buyers" interested in the remains of the low-cost carrier since it was put into provisional liquidation in November.

The most attractive assets that 1time still holds are its operating licences and its listing on the JSE, which have been suspended. However, 1time's debt of more than R450-million had proved to be too high for some.

Tourism Update reports that according to an update to shareholders following a meeting on May 14, the offer has been received by the provisional liquidator to settle all outstanding claims of all creditors of 1time Airline Proprietary Limited.

In the notice to shareholders, the 1time board of directors said it would advise shareholders of the outcome of the offer in due course.

Read more on:    1time  |  travel south africa  |  flights

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