Trade in 1time’s JSE shares haltedComment on this story
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