Trade in 1time’s JSE shares halted

Published Nov 2, 2012

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South African budget airline 1time Holdings said on Friday it had filed for liquidation and cancelled its flights, after pulling the plug on a rescue plan.

The airline, which operated flights within South Africa, said in August it had launched a turnaround plan to right its money-losing business.

“At the board meeting held today... it was recognised and agreed that the business had no reasonable prospect of being rescued,” the company said in a statement to the stock exchange.

Trading in its shares - which have lost 87 percent of their value this year - would be halted, the company said.

Local media reported that hundreds of passengers were left stranded after the airline cancelled all its flights at 3:00 p.m.

The money-losing airline had 16 million rand in long-term debt on its balance sheet as of the end of December, according to Thomson Reuters data.

Its total liabilities at the time came to 536 million rand. - Reuters

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