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1time liquidated

As if times weren’t tough enough in the aviation insurance industry, what with highly competitive pricing and soft market conditions, 1time has filed for liquidation.

To be fair, commercial airlines place insurance in overseas markets, so the effect on local players may be limited. But still, the airline’s bankruptcy does not bode well for the economy.

On which note, hundreds of passengers have been left stranded since 15h00 today, when the airline had its final flight. It has cancelled all flights with immediate effect and a 1time executive confirmed to Fin24 that no further flights are scheduled.

The move came after the low-cost airline filed for liquidation after a final meeting with shareholders on Friday afternoon. Speaking to stranded passengers at Cape Town International Airport, it became clear to Fin24 that airline staff were unaware of the talks and the decision to file for liquidation.

“Just after three, we were all still queuing when we were told there won’t be any more flights,” one passenger told Fin24. “It’s so sad. All the staff have lost their jobs,” said the passenger.

It is unclear at the moment what will happen to staff or where ticket holders should go, as the 1time website is also down.

The Fin24 report notes that it’s uncertain how the news will impact a recent agreement with Fresh Air, the Zimbabwean-registered low-cost airline. Fresh Air was to launch its first flight on Friday, flying between OR Tambo International Airport to Victoria Falls Airport, Zimbabwe. 

The agreement between Fresh Air and 1time is recent, and involves Fresh Air using 1time aircraft to serve its route.

1time was hoping to capitalise on a bumper festive season, when margins are higher as demand increases. However, this is not to be. The airline has been under business rescue for a few months under the leadership of new CEO Blacky Komani. The airline owes various institutions, including Airports Company South Africa, about R350 million, according to the Fin24 report.

1time’s liquidation follows shortly after that of Velvet Sky.

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