British-owned low-cost airline, Fastjet is in talks to buy failed budget airline 1time from its liquidators. The transaction would involve Fastjet paying a nominal fee for the purchase of 1time. The deal would also involve reaching a settlement with 1time's creditors. FastJet is the holding company for African airline Fly540, which operates from Kenya, Tanzania, Ghana and Angola.
Last month, reports said that Fastjet had pulled out of last minute negotiations to save the airline, prompting 1time to file for liquidation.
According to CEO of 1time, Blacky Komane they had pinned their hopes on a cash injection from British investors. Three days after the airlines fleet was grounded, he told the SABC: "We're still in talks with the UK - so within the next 48 hours we should know which way the company is going."
He added that the survival of the airline company depended on the capital injection.
The national carrier, filed for liquidation at the beginning of November, grounding all its flights and leaving passengers stranded countrywide.
The news of the airlines liquidation came as a surprise. Despite being under business rescue, the airline had announced it was doing well.
The airline owes various institutions, including Airports Company South Africa, around R350 million.
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