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