From : Fin24.com
By : James-Brent Styan
2 November 2012
Cape Town – It’s official – low-cost airline 1time is bankrupt and in liquidation after a final meeting with stakeholders on Friday afternoon.
The airline’s final flight was at 15:00 on Friday and no further flights are scheduled, a 1time executive confirmed to Fin24.
1time has been under business rescue for a few months under the sterling leadership of new CEO Blacky Komani.
The airline owes various institutions, including Airports Company South Africa, about R350m.
Following shortly after the liquidation of Velvet Sky, this comes as a blow to South African consumers