Low cost carrier 1time Airline announced on Friday, 2 November 2012 that it has applied for business liquidation, and that all of its operations have been grounded with immediate effect.
Although filing and operating under Business Rescue since 17 September 2012, the appointed practitioner has expressed that he believes there is no viable way forward in terms of recapitalising the airline to a profitable state.
“Our business rescue practitioner has advised that there are no reasonable prospects of survival as a potential financier notified us this afternoon that they are no longer able to invest in our airline. It is therefore with the utmost regret, disappointment and heartfelt disbelief that we have to file for liquidation, which means the end of a dream and an era for all of us,” said Blacky Komani, CEO of 1time Airline.
“I sincerely thank our employees who worked so hard over the years to drive 1time’s business, the travel trade who have been steadfast in their support, and our passengers who carried and maintained 1time during our most difficult and trying financial times, your loyalty is appreciated.”
1time’s Business Rescue practitioners will be in contact with creditors and future passengers to finalise all outstanding matters.
“Although 1time ceases to exist, the airline that we’ve built up through blood, sweat, tears and undeniable passion, will live on in the hearts of our passengers and also our competitors, who know that they have lost a formidable and world-class player in the low cost market.”