1Time flight demand expected to climb

Low-cost airline 1Time, which is trading under the protection of business rescue, had experienced good load factors in recent months and with the continued support of passengers, was expecting higher demand in the second half of its financial year, chief executive Blacky Komani said yesterday. He said the business rescue process was allowing the airline to reach agreement with its major creditors while it reorganised the business both financially and operationally. The business rescue practitioner has requested an extension by all interested parties to pursue a “positive development”. Komani said that once sufficient consensus on the business rescue plan was achieved, a rights offer would be a capital-raising options. The shareholders approved a rights offer earlier this year. The loss of R35 million for the six months to June was due mainly to losses on new routes from Lanseria and Mombasa. Shares closed 9.1 percent lower at 10c. – Audrey d’Angelo