MRO firm Jetworx in takeover talks with US investors

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US investors appear to be negotiating a potential takeover of South African MRO provider Jetworx, after the Johannesburg-based company was placed under a business rescue plan in August.

Jetworx is a subsidiary of 1time Holdings, the parent of defunct low-cost carrier 1time Airline which went into provisional liquidation in November.

According to South Africa's Solidarity trade union, US turnaround specialists American Industrial Acquisition Corporation have made an offer for the ailing MRO provider.

Jetworx says it is unable to comment at the moment, but indicates this could change over the next month.

Meantime, the firm adds, business continues as usual.

Jetworx provides line and base maintenance for Boeing 737 and MD-80 aircraft, the latter of which was employed by 1time.

But the maintenance company shed 200 of its estimated 400 staff members in 2012, says Solidarity.