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Bankrupt 1time files for liquidation

Nov 02 2012 16:05 James-Brent Styan

1time (Pic: www.southafrica.to)

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Cape Town - It's official - low-cost airline 1time is bankrupt and in liquidation after a final meeting with stakeholders on Friday afternoon.

The airline's final flight was at 15:00 on Friday and no further flights are scheduled, a 1time executive confirmed to Fin24.

1time has been under business rescue for a few months under the sterling leadership of new CEO Blacky Komani.

The airline owes various institutions, including Airports Company South Africa, about R350m.

Following shortly after the liquidation of Velvet Sky, this comes as a blow to South African consumers.

 - Fin24

Follow James-Brent Styan on @jamesstyan.

1time  |  airlines  |  bankruptcy
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