Solidarity: 1time can still be sold

2012-11-07 11:40

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1time hopes for a lifeline

2012-11-06 09:28

Embattled low-cost airline 1time is pinning its hopes for a cash injection on British investors. WATCH

Johannesburg - Low cost airline 1time's application for provisional liquidation is to be heard in the North Gauteng High Court on Wednesday.

Marius Croucamp, Solidarity’s spokesperson said the trade union was optimistic that 1time could still be sold while it was under provisional liquidation - but as it stands approximately 100 employees at Jetworx, subsidiary and maintenance arm of 1time Holdings, face possible retrenchment.

"If a buyer was found for 1time, the low-cost airline’s estimated 540 employees could get back their jobs and Jetworx could handle 1time’s maintenance and re-employ personnel."

Solidarity lodged an application for provisional liquidation on the company’s behalf. In its liquidation application it requested a court order in terms of which business rescue would be suspended and the company placed under provisional liquidation, the statement said.

The statement said the company is applying for provisional liquidation in order to retain its operating licence, as it can still be sold while it is under provisional liquidation. In the application, the business rescue practitioner confirmed that a British company’s potential offer to buy 1time was withdrawn last Friday at about 13:30.

Solidarity had announced earlier that FastJet Plc had been interested in buying 1time. After the deal had fallen through, the company’s management decided to apply for provisional liquidation.

Solidarity appealed to South African aviation companies to promote local job creation by appointing local companies like Jetworx to handle their maintenance instead of outsourcing it to foreign companies." 1time made up a large part of Jetworx’s operations.

"The company had already retrenched about 100 of its estimated 400 employees before it was placed in a process of business rescue in August. Retrenchments were suspended for the time being while the company was under business rescue. However, due to 1time’s application for provisional liquidation, Jetworx may have to retrench an additional 100 of its remaining 300 employees."

Jetworx and 1time Airline were placed in a process of business rescue earlier this year.   

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

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