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.

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