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Reprieve for 1time

Aug 23 2012 15:43
Johannesburg - Airline 1time holdings [JSE:1TM] will get a reprieve from its financial difficulties after the appointment of a business rescue specialist, trade union Solidarity said on Thursday.

Spokesperson Marius Croucamp said the union was told on Wednesday that about 25% of the work force of Jetworx, a 1time subsidiary, had been facing retrenchment due to the parent company's difficulties.

"We were informed that the process [of retrenchments] had been put off for the time being owing to the appointment of a business rescue specialist," Croucamp said in a statement.

The specialist would draw up a refinancing and restructuring plan for the company. This would also allow it to introduce the plan while carrying on with operations.

On Wednesday, Business Day reported the company was in "financial distress". It had about R320m in short-term debt and had been in negotiations with creditors since March.

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