1time Airline

1time Airline, commonly known as 1time, was a South African low-cost carrier established under the name 1time Airline (Pty) Ltd. The airline began selling tickets in January 2004 and operated its first services on 25 February 2004, initially flying three daily return services between Johannesburg's OR Tambo International Airport and Cape Town International Airport. Its name referred to the South African expression “one time,” used to convey emphasis or authenticity. The airline was connected to Afrisource Holdings, an aviation holding company whose interests included Aeronexus, an aircraft-services and maintenance business that supported 1time. The carrier expanded its network and fleet during the middle of the 2000s, serving a growing set of South African destinations and later adding regional routes. An investment arrangement with the Avstar Group gave Avstar a 15% interest in 1time Holdings and supported the lease of two additional 157-seat McDonnell Douglas MD-83 aircraft. By 2006, 1time reported carrying more than one million passengers across eight destinations. At March 2007, the ownership structure was reported as Afrisource Holdings with 50%, MKJH Trust with 30%, and Mogwele Investments with 20%. The business had approximately 420 employees at that point. 1time Holdings subsequently completed an initial public offering on the Johannesburg Securities Exchange on 14 August 2007, making the airline one of the publicly traded participants in South Africa's competitive low-cost aviation market. The airline operated primarily through OR Tambo International Airport in Johannesburg, with focus-city operations at Cape Town and Durban. Its network at the end of operations included Cape Town, Durban, East London, George, Johannesburg, and Port Elizabeth in South Africa, as well as Zanzibar in Tanzania, Livingstone in Zambia, and Victoria Falls in Zimbabwe. Its fleet was centered on McDonnell Douglas MD-83 aircraft; the airline had also previously operated at least one Boeing 737-200 and five Douglas DC-9 aircraft. By 2012, 1time was experiencing severe financial distress. On 22 August 2012, it entered business rescue proceedings to obtain protection from creditors. The carrier grounded its fleet and filed for liquidation on 2 November 2012 after a prospective financier withdrew and the business-rescue process concluded that there were no reasonable prospects of survival. The final flight operated at 15:00 on the liquidation date, leaving passengers stranded and ending the airline's scheduled operations. A provisional liquidation order followed in November, with the court process continuing into December. Fastjet later announced an option agreement to acquire 1time's issued share capital and potentially use up to three aircraft, but the proposed transaction did not appear to reach completion. 1time therefore remains a defunct South African airline rather than an operating brand.

1time developed within a South African aviation-services network associated with Afrisource Holdings. The founders' holding company also owned Aeronexus, which provided aircraft-related services and maintenance support. Ticket sales began in January 2004, and the airline commenced flying on 25 February 2004 with three daily return flights linking OR Tambo International Airport in Johannesburg and Cape Town International Airport. The carrier pursued the low-cost model during a period of increasing competition in South African aviation. It expanded beyond its initial route, added aircraft, and developed a broader domestic network. An investment by the Avstar Group brought a 15% shareholding in 1time Holdings and enabled the airline to lease two further 157-seat McDonnell Douglas MD-83 aircraft. By 2006, the airline had transported more than one million passengers and served eight destinations. In March 2007, reported ownership was divided among Afrisource Holdings, with 50%, MKJH Trust, with 30%, and Mogwele Investments, with 20%. The airline employed about 420 people at that time. 1time Holdings entered the public market through an initial public offering on the Johannesburg Securities Exchange on 14 August 2007. Its operating base remained OR Tambo International Airport, while Cape Town and Durban served as important focus cities. The route network eventually covered several major and secondary South African airports, including Cape Town, Durban, East London, George, Johannesburg, and Port Elizabeth. 1time also operated selected regional services to Zanzibar in Tanzania, Livingstone in Zambia, and Victoria Falls in Zimbabwe. Its fleet was primarily composed of McDonnell Douglas MD-83 aircraft. Earlier fleet equipment included at least one Boeing 737-200 and five Douglas DC-9 aircraft. The airline's later history was dominated by financial deterioration. On 22 August 2012, 1time sought business-rescue protection because it was financially distressed. The rescue process was intended to shield the company from creditors while a route to continued operation or new financing was explored. That effort failed when a potential financier withdrew. On 2 November 2012, the airline cancelled flights, grounded its operations, and applied for liquidation. The final flight departed at 15:00 on the same day, and the shutdown stranded hundreds of passengers. On 6 November 2012, business-rescue practitioner Gerhard Holtzhauzen applied to terminate the rescue proceedings and place the company under provisional liquidation. The North Gauteng High Court issued a provisional liquidation order on 7 November, appointed Aviwe Ndyamara as provisional liquidator, and set a later date for consideration of the company's final closure. Fastjet announced on 19 December 2012 that it had entered an option agreement to acquire the airline and potentially use up to three aircraft on South African domestic routes. The proposed acquisition did not apparently proceed. 1time consequently ended as a defunct low-cost carrier after roughly eight years of operations.

1. 2012Business rescue begins

   1time filed for business rescue on 22 August because of financial distress.

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2. 2012Operations end and liquidation begins

   The airline ceased operations and filed for liquidation on 2 November; a provisional liquidation order followed on 7 November.

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3. 2007Public listing

   1time Holdings completed an initial public offering on the Johannesburg Securities Exchange on 14 August.

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4. 2006Passenger scale-up

   The airline carried more than one million passengers and served eight destinations.

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5. 2004Ticket sales and first flights

   1time began selling tickets in January and started scheduled operations on 25 February with three daily return flights between Johannesburg and Cape Town.

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A value-oriented South African low-cost airline focused on affordable scheduled domestic travel and selected regional routes.

• Domestic scheduled flightsPassenger air travel2004

  1time's core offering was low-cost scheduled passenger transportation within South Africa. Its network connected Johannesburg with Cape Town and other important South African cities, including Durban, East London, George, and Port Elizabeth. OR Tambo International Airport served as the principal base, with Cape Town and Durban functioning as focus cities.

• Regional scheduled flightsPassenger air travel

  The airline extended its low-cost scheduled model beyond South Africa to selected destinations in southern and eastern Africa. At the time operations ended, the regional network included Zanzibar in Tanzania, Livingstone in Zambia, and Victoria Falls in Zimbabwe.

• 2012Entry into business rescueStrategy

  1time was reported to be financially distressed and sought statutory protection from creditors while options for continued operation and new financing were considered.

  What changed. The airline filed for business rescue on 22 August 2012.

  Aftermath. The rescue effort did not produce a viable financing solution. After a prospective financier withdrew, the company ceased flying and moved toward liquidation.

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• 2012Liquidation and shutdownOther

  The business-rescue practitioner concluded that there were no reasonable prospects of survival after financing support fell away.

  What changed. 1time cancelled all flights, grounded its operations, and filed for liquidation on 2 November 2012.

  Aftermath. The final flight operated at 15:00 on the filing date. The North Gauteng High Court later issued a provisional liquidation order and appointed a provisional liquidator.

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• 2012Proposed Fastjet acquisitionM&A

  Following 1time's collapse, Fastjet sought a way to acquire the airline's corporate platform and use part of its aircraft capacity for South African domestic services.

  What changed. Fastjet announced an option agreement on 19 December 2012 to buy 1time's issued share capital and potentially take over up to three aircraft.

  Aftermath. The negotiations with the liquidator appeared to lapse, and 1time did not resume operations under the proposed transaction.

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• 20121time seeks business-rescue protection

  The airline entered business rescue on 22 August 2012 after reporting financial distress and seeking protection from creditors.

  BankruptcyRegulation
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• 20121time ceases operations and files for liquidation

  1time grounded its operations and filed for liquidation on 2 November 2012 after a prospective financier withdrew. Its final flight operated at 15:00 that day.

  BankruptcyLeadership change
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• 2012Fastjet announces proposed option to acquire 1time

  Fastjet announced an option agreement on 19 December 2012 to acquire 1time's issued share capital and potentially operate up to three aircraft on South African routes. The negotiations subsequently appeared to lapse.

  M&A
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• 20071time Holdings completes Johannesburg Securities Exchange IPO

  1time Holdings made an initial public offering on the Johannesburg Securities Exchange on 14 August 2007.

  Other
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• 20041time begins scheduled operations

  1time launched scheduled passenger services on 25 February 2004 with three daily return flights between Johannesburg and Cape Town.

  Product launch
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• 1time expands fleet through Avstar arrangement

  The Avstar Group acquired a 15% stake in 1time Holdings, alongside an arrangement for 1time to lease two additional 157-seat McDonnell Douglas MD-83 aircraft.

  M&AProduct generation
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1. 1time