Fastjet’s plans to fly in South Africa through reviving the bankrupt low-cost carrier 1time are moving ahead with the filing of a letter of intent.
In an update to the London Stock Exchange, the aspiring pan-African carrier said it has filed a letter of intent with 1time’s liquidators so they can negotiate a compromise with 1time’s creditors. “This is a major step towards the acquisition of 1time and the launch of Fastjet flights in South Africa,” reads Fastjet’s announcement. Fastjet CEO Ed Winter said the carrier is “very excited” about this “very significant step” towards entering South Africa’s market. But Fastjet added that, although 1time remains its “preferred option” for entering South Africa, it is continuing to explore alternative partnerships that could get it off the ground in the market if a deal cannot be struck with 1time’s creditors. Meanwhile, the team that launched 1time is working to start up a carrier called Skywise to plug the gap it left on domestic routes.Source: routesnews, Piers Evans
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