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Lifeline for 1time?

Dec 04 2012 13:48 Fin24

1time (www.southafrica.to

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Cape Town - British-owned low-cost airline Fastjet says it is in talks to buy failed budget airline 1time from its liquidators.

The transaction would involve Fastjet paying a nominal fee for the purchase of 1time.

The deal would also involve reaching a settlement with 1time's creditors.

FastJet is the holding company for African airline Fly540, which operates from Kenya, Tanzania, Ghana and Angola.

It was reported last month that Fastjet had pulled out of last minute negotiations to save the airline, prompting 1time to file for liquidation.

 It had about R320m in short-term debt and had been in negotiations with creditors since March.

 
1time  |  fastjet
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