• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

All data is delayed
Loading...
See More

1time officially under liquidation

Nov 07 2012 17:06
Sapa
Johannesburg - 1time was granted provisional liquidation by the High Court in Pretoria on Wednesday, the company said.

"Yes I can confirm that we have been granted provisional liquidation by the court," said spokesperson Refilwe Masemola.

She could not give details on the liquidation process because the company was being handed over to a liquidator who would take responsibility for all communication.

1time announced on Friday that it had applied for business liquidation, and that all of its flights had been grounded. The firm had about R320m in short-term debt and had been in negotiations with creditors since March.

An estimated 520 workers would be left jobless by the liquidation.

The airline said passengers who had bought tickets in cash would have to wait longer to get it back, as their money was considered as cash which belonged to the company.

However, those who had used credit cards to purchase their air tickets could be refunded by the banks.

Comair CEO Erik Venter blamed Mango for 1time's collapse, a statement that was rejected by Public Enterprise Minister Malusi Gigaba.

Gigaba said Mango, which was owned by state airline South African Airways, "did not benefit from any capitalisation or guarantee issued by its parent company".
1time  |  mango  |  comair  |  erik venter  |  malusi gigaba  |  liquidation

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
17 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...