fastjet confirms 1time Airline speculation

FastJet Plc is the holding company for African airline Fly540, which operates from four bases in Kenya, Tanzania, Ghana and Angola. Fly540 currently has 10 aircraft serving around 25 domestic and regional destinations, carrying approximately 750,000 passengers per year with a strong emphasis on safety, security and reliability.

Fastjet (LON:FAST), the new kid on the block on the African budget airline scene, is in talks to resuscitate 1time, the South African airline which ceased trading last month.

Speculation in the South African press prompted Fastjet to break cover and confirm it is currently in talks with the management, directors and provisional liquidator of 1time.

Fastjet is mulling over buying the 1time Airline from its parent company for a nominal fee, and then settling with 1time’s creditors.

Should the transaction go through, 1time would be rebranded into the Fastjet brand and sold through Fastjet.com.

Ed Winter, chief executive of Fastjet, said the company was hopeful of getting 1time flying again in time for the Christmas period, but conceded that the timescales are extremely challenging.

“Flights would initially be operated by a number of aircraft from the 1time fleet including McDonnell Douglas MD-82s, MD-83s and MD-87s, but restructuring plans would see a rapid re-fleeting with modern Airbus A319 aircraft,” Winter predicted.

Winter added that Fastjet hoped to keep many of the original 1time employees on the payroll.