Data provided by McGregor BFA
All data is delayed
Loading...
See More

1time officially under liquidation

Nov 07 2012 17:06 Sapa

Related Articles

Gigaba: State never gave Mango a bailout

Comair jumps as rival liquidates

Solidarity: British wanted to buy 1time

Consumer watchdog mulls 1time probe

Uncertainty over 1time cash buyers

Help at hand for some 1time passengers

 
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
NEXT ON FIN24X

 
 
 

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
18 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

DA ad scores nearly half a millions hits on YouTube

The DA's "Ayisafani" (It's not the same) election TV advert - originally pulled off the air by the SABC - has garnered nearly half a million views on YouTube.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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