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1time applies for business rescue

Aug 22 2012 07:54 I-Net Bridge

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Johannesburg - No-frills airline operator 1time [JSE:1TM] announced on Tuesday it was applying for business rescue proceedings due to financial distress at its subsidiary companies.

The board said it was of the view that the company’s operating subsidiaries‚ 1time Airline Proprietary Limited and Jetworx Aircraft Services Proprietary Limited were financially distressed‚ as contemplated in Chapter 6 of the Companies Act‚ but that there appeared to be a reasonable prospect of rescuing these subsidiaries from their current difficulties and it was in the process of preparing a comprehensive business rescue plan.

The board resolved that the subsidiaries begin business rescue proceedings and be placed under supervision in terms of Section 129 of the Companies Act.

The board believes the implementation of business rescue will afford the executive directors the opportunity to develop and implement the business rescue plan in a manner that will optimise the likelihood of the subsidiaries continuing to exist as going concerns.


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1time  |  airlines
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