Business rescue, South Africa’s equivalent to chapter 11 bankruptcy in the United States, is generally working well.
The decision by 1Time airline to file for liquidation and ground all of its flights was sad and regrettable, Airports Company South Africa said.
Low-cost airline 1Time filed for liquidation on Friday, leaving passengers stranded countrywide.
Low-cost airline 1Time says its scheduled services will go ahead despite filing for business rescue to dig it out of R320-million of debt.