'Fastjet negotiations look promising'
1time’s provision liquidator says he is confident a resolution will be reached soon.
JOHANNESBURG - The final liquidation deadline for low-cost carrier 1time has been postponed to February 2013, the company's provisional liquidator Tshwane Trust announced on Wednesday.
This as negotiations continue with United Kingdom low-cost carrier Fastjet.
In November, 1time applied for liquidation following months of financial woes.
Thousands of passengers were left stranded at various airports after the airline stopped flights.
Holidaymakers were also left stranded ahead of the festive season.
1time's provisional liquidator Aviwe Ndyamara said a deal with Fastjet would be very good news.
"In terms of the status of the discussions, we are very confident we'll reach some sort of resolution."
1time owes creditors over R450 million.
But the Fastjet sale does not mean everyone, including passengers who are yet to be refunded, will get all their money back.
Tshwane Trust said Fastjet and all the other affected parties will most likely have to reach some sort of compromise.