1timeFrom : Tourismupdate.co.za

12 March 2013

By : Jeanette Phillips

Fastjet is hoping that a deal with 1time will be finalised soon and that an acceptable solution can now be put to the liquidator so a meeting of creditors can be called.
In a statement, fastjet said it had been working with a number of South African-based entities in recent weeks and believed it had found a solution to secure acceptable partnership arrangements that ensured that any change of 1time would comply with current South African laws on foreign ownership.
The Chairman, David Lenigas and CE, Ed Winter of fastjet plc will be in South Africa this week to meet with 1time’s provisional liquidator and the authorities to continue discussions regarding the potential re-launch of the airline.
Fastjet has an option with 1time’s liquidator to acquire what is left of the business, subject to a number of conditions.
Fastjet also announced in London that it had secured additional funding for a £15 million (R210 million) Convertible facility from New York over the next 12 months to assist with its expansion plans in Africa.
“We see a real opening in the Southern African marketplace for a true low-cost airline such as fastjet right now and, although we have met with stiff opposition from other South African carriers, we feel that the South African flying public will be the true beneficiaries of the added seat capacity we intend to offer.
“Airfares in South Africa appear to have skyrocketed since 1time ceased flying at the end of last year, and many planes are operating at full capacity on the key Cape Town and Durban routes.
“We will also be seeking high-level meetings with the aviation authorities to allow Fly540 Tanzania to operate daily services from Dar es Salaam to Johannesburg.”