Airline 1Time Holdings has filed for business rescue, according to a report on Wednesday.
The airline’s board said it required business rescue because it was “financially distressed”, Business Day reported.
The firm had about R320 million in short-term debt and had been in negotiations with creditors since March.
The low-cost airline, which was in the news this week following a second engine failure on one of its planes, would continue with its scheduled services, according to the report.
Earlier this year, another low-cost airline, Velvet Sky, went into liquidation after failing to convince a court that it was a candidate for business rescue.
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Comments
Tasto
When mentioned possibility of 1time going under some economic Expert @Serene questioned my logic or deduction maar this has been a trend if its not a fallen engine its fuel debt now failing engines, SAA is rotten !!Report Abuse
Yotywa
Its about management issue. They give themselves fat bonuses..Report Abuse
tpaz
Raising cost of Aviation fuel......Quntas is also in distress so small airlines will feel the brute.Report Abuse
Pointman
If it was SAA they would have quietly handed over our tax money. SAA charges low unsustainable fares because of our tax support and these other airlines have to also charge low fares to retain passengers. On recent flights I noticed the flights were full - so the problems can only be coming from too low fares.Report Abuse
mhlupheki
at least they come out of the closet and be honest that thet are broke, so they must stop fooling the nation.Report Abuse
nghunghunyane
Govt should help these low cost airlines, even us tax paying members cant afford our carrier, as the prices are just ridiculous, and the service resembles that of village clinics.Report Abuse
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