See More

Solidarity: British wanted to buy 1time

Nov 05 2012 16:41

Related Articles

1time employee speaks out

Consumer watchdog mulls 1time probe

Uncertainty over 1time cash buyers

Help at hand for some 1time passengers

You're on your own, 1time passengers told

Have you been affected by the liquidation of 1Time?

Johannesburg - Airline 1time was about to be sold to British low-cost airline FastJet before it applied for liquidation, trade union Solidarity said on Monday.

"The company [FastJet Plc] pulled out of the transaction at the last minute... after which [1time] decided to apply for liquidation as a last resort," spokesperson Marius Croucamp said in a statement.

"The court application for provisional liquidation will be lodged today."

Spokesperson for 1time Refilwe Masemola declined to comment on the claim, saying "a full statement will be released tomorrow [Tuesday] with every detail of what happened".

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

Croucamp estimated that 540 workers would be left jobless by the liquidation.

"This morning during a staff meeting, employees were asked to complete forms according to which they are preferential claimants and could be first in line to get paid should the company be liquidated," Croucamp said.

"Solidarity hopes that a lifeline can still be found for 1time during the process of liquidation."

On Friday scores of passengers were left stranded when the low-cost airline announced it had applied for liquidation and stopped all operations. It had about R320m in short-term debt and had been in negotiations with creditors since March.

Earlier, 1time said consumers who paid cash for their air tickets may have to wait a little longer for a refund, and may find it hard to get their money back.

"We are in a liquidation process, it may take a longer time for the liquidators to complete their work," Masemola said.

"With most liquidations, most creditors get a portion of the rand back from the company."

Tickets purchased with credit cards could be recovered through banks.

Absa, Nedbank, First National Bank and Standard Bank said they would reimburse passengers who paid with their cards.

The SA Broadcasting Corporation reported that the National Consumer Commission was considering probing if 1time sold tickets just hours before it applied for liquidation.
1time  |  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
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


There are no formal training requirements for becoming a beautician in South Africa. But it is highly recommended you complete a course in beauty therapy.

Money Clinic

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

Voting Booth

SA’s new visa regulations are:

Previous results · Suggest a vote