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1Time gets business rescue: union

24 Aug 2012

Airline 1Time will get a reprieve from its financial difficulties after the appointment of a business rescue specialist, trade union Solidarity said on Thursday (23 August 2012).

Spokesman Marius Croucamp said the union was told on Wednesday that about 25 percent of the work force of Jetworx, a 1Time subsidiary, had been facing retrenchment due to the parent company's difficulties.

"We were informed that the process [of retrenchments] had been put off for the time being owing to the appointment of a business rescue specialist," Croucamp said in a statement.

The specialist would draw up a refinancing and restructuring plan for the company. This would also allow it to introduce the plan while carrying on with operations.

On Wednesday, Business Day reported the company was in "financial distress". It had about R320 million in short-term debt and had been in negotiations with creditors since March.

Source: Sapa

Source: I-Net Bridge

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