Subscribe to industry newsletters

Advertise on Bizcommunity

1Time's negotiations with FastJet collapsed

Airline 1Time was negotiating with British low-cost airline FastJet before it applied for liquidation‚ trade union Solidarity said on Monday.
"The company [FastJet] pulled out of the transaction at the last minute. 1Time decided to apply for liquidation as a last resort‚" Solidarity spokesman Marius Croucamp claimed in a statement.

Spokesman for 1Time Refilwe Masemola declined to comment on the claim‚ saying "a full statement will be released today with every detail of what happened".

FastJet is the holding company for African airline Fly540‚ which operates from Kenya‚ Tanzania‚ Ghana and Angola.

Croucamp estimated that 540 workers would lose their jobs as a result of 1Time's liquidation.

Croucamp says that Solidarity hopes a lifeline can be found for 1Time during the liquidation process. 1Time owes its creditors R320m in short-term debt.

Source:Sapa via I-NET Bridge


I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: