South African budget airline 1time said on Friday it had filed for liquidation and cancelled its flights, after pulling the plug on a rescue plan.The airline, which operated flights within South Africa, said in August it had launched a turnaround plan to right its money-losing business."At the board meeting held today... it was recognised and agreed that the business had no reasonable prospect of being rescued," the company said in a statement to the stock exchange.Trading in its shares - which have lost 87 percent of their value this year - would be halted, the company said.Local media reported that hundreds of passengers were left stranded after the airline cancelled all its flights at 3:00 pm local time.The money-losing airline had ZAR16 million rand (USD$1.85 million) in long-term debt on its balance sheet as of the end of December.Its total liabilities at the time came to ZAR536 million rand. Source: Reuters
Gravity always wins!