Wednesday, August 29, 2012

1Time has filed for bancruptcy protection

The low-carrier 1Time has filed for bancruptcy protection. The South-African airline has around 320 million rand (almost 30 million euro)  in debt. The carrier has been founded in 2003 and is currently operating ten MD-80-series aircraft on the domestic and international market. The management is currently creating an restructuring program for the struggling carrier. The airline plans, to cease operations on various routes and zero on the most lucrative routes. In Accordance with media reports, the route from Johannesburg to Mombasa will be terminated, further routes will probably follow within the next days.

The airline has recently announced to set up an subsidiary in the neighbor country Zimbabwe with an local partner. It is unknown, if this plans will be cancelled due the financial problems of 1Time.

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