Jetworx creditors still have not met

9 Jan 2015

The first meeting of creditors of Jetworx, the aircraft maintenance subsidiary of bankrupt 1time Holdings, is still to be convened more than six months after a final winding-up order was issued. 1time ceased operations in 2012.

Several plans to sell Jetworx to an affiliate of the American Industrial Acquisition Corporation in 2013 proved unsuccessful.

A R15m offer from a second buyer, PakAfrica, for a controlling stake in the holding company, including 1Time Airlines and Jetworx, also failed.

According to PakAfrica MD Tabassum Qadir, the deal fell through because the offer was for certain assets in the holding company, including aircraft and buildings, which turned out to be in poor condition.

"Our offer of R15m was based on getting certain assets, but all assets were cannibalised and this did not serve our purposes. We went for the listing instead," said Qadir.

PakAfrica is still in the process of acquiring the 1time brand, which it has had its eye on for more than five years.

It is trying to buy the JSE-listed shell of the former 1time Holdings, but the process has been delayed as PakAfrica has been struggling to comply with JSE rules.

Qadir says PakAfrica plans to revive the listed company to invest in, and acquire aviation companies in, SA and the rest of the continent.

Last year the company acquired a 62% stake in Global Airways, an established South African charter and scheduled passenger service operator with an air operator certificate.

The founders of 1time have been looking to launch a new airline, Skywise, since 2012 but have failed to take to the skies.

PakAfrica's offer of R15m in 2013 also proved to be unsuccessful.

PakAfrica plans to revive the firm to invest in SA and the rest of the continent.

Source: 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: http://www.inet.co.za