South Africa-based PAKAfrica Aviation has reportedly acquired a 49% stake in Zimbabwe's Central Air Transport Services (ZO) and intends to use the acquisition, in conjunction with a proposed ZAR15million (USD1.5million) buy out of defunct South African LCC, 1time (T6), to establish a regional hub out of Harare.
South Africa's Gryphon Airlines (6P) will start scheduled flights from South Africa through to Benin via Congo and Gabon with effect from November 1. The airline will operate a former 1Time (T6) McDonnell Douglas MD83 (MSN 49829 | ZS-TRJ) on the route.
Nascent South African Low Cost Carrier, SkyWise (SWZ), says it has already paid deposits on two Boeing 737-300s though operations, still scheduled for August as previously reported, will only begin once the South African Civil Aviation Authority (SACAA) issues it an Air Operator's Certificate.
A new potential buyer for bankrupt LCC 1Time (T4), has emerged in the form of PAKAfrica Aviation, a Pakistani aviation group, who have pitched USD1.6million (ZAR15million) for a "controlling stake" in South African firm, 1Time Holdings, owners of the LCC along with its MRO wing, JetWorx.
On the back of news that fastjet (FN) has entered into a partnership with South African investment firm Blockbuster and Federal Air (7V) with flights to Johannesburg and Cape Town set to start in late May, 1Time's liquidator says he has applied to have the proposed total liquidation date of the airline brought forward.
The former founders of defunct South African LCC, 1Time (T6), have placed the blame for the carrier's demise squarely on the shoulders of the Black Economic Empowerment consortium who acquired a 25% shareholding in the airline.
LCC fastjet (FN) has taken, what it terms, "a major step” towards its acquisition of defunct South African LCC 1Time (T6) through the filing of a letter of intent with the airline's liquidators in Johannesburg. The move comes on the back of a visit by fastjet's Chairman and Chief Executive, David Lenigas, to South Africa, last week.
Following on from our last report, LCC fastjet (FN) is now reportedly in negotiations with a "credible local South African partner" to aide in its protracted battle to acquire control of bankrupt South African carrier, 1Time (T6). This comes after an outcry from the local airline community including South African Airways and Comair Ltd, forced fastjet to rethink its strategy to acquire 1Time, which until now, has been blocked by South African law.
Tanzanian based LCC, fastjet (FN), has secured an additional USD23.5million (GBP15.68million) in funding following an agreement with Bergen Global Opportunity Fund, an institutional investment fund managed by Bergen Asset Management, LLC, a New York asset management firm.
Tanzania based fastjet (FN), has agreed to settle debts amounting to over USD2million (TAS3.14billion) owed to both the Tanzanian Revenue Authority (TRA) and the Tanzanian Airports Authority (TAA). Previously, fastjet had claimed that the debts had been incurred under predecessor Fly540's previous owner, 540 Aviation, who were therefore responsible for them.
In a rare show of unity, South African carriers Mango (JE), South African Airways (SA) and Comair Group (owners of BA Comair (BA) and Kulula (MN)) have collectively objected to the South African Air Services Licensing Council, a state regulator set to convene next month, over fastjet's (FN) proposed transfer of 1time’s operators licence, who are applying for a Ministerial exemption in order to fast track the process.
The launch of Skywise, the South African carrier founded by the original founders of defunct South African LCC 1Time (T6) is on track for a 1 March launch as fastjet's (FN) plans to push forward with a relaunch of 1Time face a protracted, relicensing process that could derail plans for a 27 February relaunch.
Defunct South African LCC 1Time (T6) has set 27 February 2013 as its intended date of relaunch as talks with suitor Fastjet (FN) and the airline's creditors progress. On 19 December, it was announced that fastjet had entered into an option agreement to buy the entire issued share capital of 1Time Airline from its parent company, 1time Holdings Limited, for ZAR1 (USD0.12).
Following the recent announcement that it was in talks to buy 1Time (T6), the South African low cost airline that went into liquidation last month, fastjet(FN), has entered into an option agreement to buy the entire issued share capital of 1time Airline from its parent company, 1time Holdings Limited, for ZAR1 (USD0.12). Initially, the airline will operate with three 1Time aircraft before Airbus A319s are added and the airline completely rebranded to fastjet.
Liquidators for defunct South African LCC 1Time (T6) today applied for a postponement of the deadline for the final liquidation of the airline, as talks with fastjet (FN) continue. The recently launched Tanzania-based LCC confirmed last week that it was in negotiations with the management, directors and provisional liquidator of 1Time (T6) over a possible buy out which would eventually pave the way for a fastjet entry into the South African market.
Following recent speculation in the South African press, fastjet (FN) has announced that it is indeed currently in negotiations with the management, directors and provisional liquidator of 1Time (T6), the South African LCC that ceased trading last month. The negotiations, which have not yet concluded, and are subject to Board, parent company, and Regulatory approval, would allow fastjet to purchase 1time Airline from its parent company, 1time Holdings.
Nu-Aero, the 51% majority shareholders in Zimbabwean LCC, Fresh Air (Z7), have stated that flights between Victoria Falls and Johannesburg (ORTIA), South Africa "could" resume as early as next month, in time to capitalize on the Christmas period, if a suitable technical partner can be found.
The demise of LCC 1Time (T6) has led to a war of words between Comair Ltd's CEO Erik Venter and South African Minister of Public Enterprises, Malusi Gigaba.
The mysterious investor, who could have been 1Time Holdings knight in shining armor during its hour of need on Friday last week, have been revealed to be British group, FastJet PLC.