fastjet makes 'significant step' in acquisition of 1 Time airline

Budget carrier fastjet is another step closer towards its acquisition of troubled South African airline 1 Time.

Budget carrier fastjet is another step closer towards its acquisition of troubled South African airline 1 Time.

fastjet said it has filed a letter of intent with the liquidators of 1 Time in Johannesburg, South Africa, to enable them to negotiate a compromise settlement with the creditors.

Chief executive Ed Winter said: "fastjet is really excited about the opportunity to serve the South African air travel market and this is a very significant step towards making that a reality."

While 1 Time remains fastjet's preferred route, the company will continue to explore alternative partnerships to launch the business in South Africa.

The low-cost airline has reportedly secured another £15.7m in funding, on top of a £4.0m liquidity boost last month, and has lined up a few potential partners.

The announcement follows last week's news fastjet would be meeting with 1 Time's liquidators in the hopes of a deal.

RD

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021
The future belongs to emerging markets – three EM stocks to buy now
Share tips

The future belongs to emerging markets – three EM stocks to buy now

Professional investor Carlos von Hardenberg of Mobius Capital Partners picks three of his favourite emerging-market stocks.
5 Jul 2021