1time Airline

16/11/2012

Dear All

Please find the latest update from 1time Airline's Liquidator - the original document is available should you wish to have a copy, it was just difficult loading it here.

14/11/2012

Dear Sir/Madam,

r/e: 1time Airline (PTY) LTD (IN LIQUIDATION)

1time Airline (Pty) Ltd was placed in provisional liquidation on 7 November 2012. The return date for the provisional order is the 11th of December 2012.

All flight operations have been discontinued pending a decision regarding the final winding up (liquidation) of the company.

The Master of the High Court has appointment our Mr Aviwe Ntandazo Ndyamara together with Messrs K C Monyela and M L Ledwaba as joint provisional liquidators.

Passengers having paid for flights using a credit card should contact the issuer of the credit card used to make the booking, as soon as possible. Passengers having paid for flights by any other means should contact the provisional liquidators for further details at [email protected]

Yours Faithfully

A N NDYAMARA

Joint Provisional Liquidator

09/11/2012

Business Rescue practitioner provides an update on 1time Airline

8 November 2012, Johannesburg:- On instruction from Business Rescue practitioner, Dr Gerhard Holtzhauzen, attorneys’ firm Velile Tinto & Associates Inc. successfully filed for 1time Airline (Pty) Limited’s provisional liquidation in the North Gauteng High Court yesterday. The carrier’s Business Rescue process was thereby also formally terminated. Jetworx Aircraft Services (Pty) Limited, the sister company in 1time holdings, remains operational and under Business Rescue.

The Business Rescue Plan for 1time Airline was published on 22 October 2012 while the voting on the plan was scheduled for 29 October 2012, which was subsequently delayed due to important changes in the proposed financing structure.

During that period four major issues were under consideration:

1. 1time’s old generation aircraft are not nearly as fuel efficient as new generation aircraft and with constantly rising fuel costs, it put additional strain on the profitability of the airline. In the early stages of the Business Rescue process, ticket sales were on an acceptable level to sustain the airline’s daily operations but a decrease in ticket sales later on in the process also contributed to the loss of profitability and cost to keep the aircraft in the air.

2. Airports Company South Africa (ACSA), 1time’s largest creditor with a claim valued at more or less R147 million, had an overall negative attitude towards the Business Rescue process. ACSA was only interested in recovering all its debts without considering the ripple effect this might have on the airline’s operations. ACSA’s representative clearly stated at the creditors meeting that ACSA will attempt to recover all the monies owed to it. ACSA changed their policy to such an extent that 1time was forced to pay for current services in cash the day after the services was rendered during the week, and in advance over weekends and public holidays. The aforementioned payment terms constrained 1time’s cash flow and to make matters, worse the reconciliation done by ACSA set off payments received to historic debts, despite the historic claims being ring fenced. The appointed liquidators will investigate the matter further.

3. As a result of the above, shareholders were reluctant to take up a rights issue in 1time Holdings Limited, which would have boosted the struggling airline with approximately R80 million.

4. In addition to the rights issue, a major international aviation company expressed interest in acquiring the business of 1time and commenced its due diligence of the airline. The timing and transfer of the business as well as the cash requirements in the short term caused them to re-assess the variables to complete the transaction and this caused the investor to back out of the transaction.

5. On Friday, 2 November 2012 the business had an operating cash shortfall and one that would only be magnified the following week. The impact decision to ground all aircraft and suspend the service with immediate effect was taken to ensure that 1time’s safety would not be compromised, and therefore minimal warning was given to all affected parties. It was therefore decided to shut operations at 3pm.

Following the decision for the Suspension of Services of 1time Airline last week Friday, 2 November 2012, the High Court yesterday granted the company’s application for Provisional Liquidation. The provisional order has the effect that the company’s license stays in force for a limited time period which will have a benefit for interested investors to continue with the business.

In accordance with the process, the Master of the High Court has appointed provisional liquidators who will be taking over from Dr Gerhard Holtzhauzen, 1time’s appointed Business Rescue practitioner, to manage the airline with the interests of its creditors in mind. Holtzhauzen cautioned that grounded aircraft and the non-operational airline will have a negative impact on the probability to successfully revive this business.

During the period of Provisional Liquidation, the liquidators may recommend to the court that the liquidation order be lifted and the company be resuscitated or that the airline be placed in final liquidation.

The provisional liquidators are Mr Hannes Muller and Aviwe Ndyamara from Tshwane Trustees and can be contacted on [email protected].

Ends

Words: 680

Issued by :Aviwe Nyamara
Liquidator
Tshwane Trust
082 511 6542
[email protected]

09/11/2012

Update regarding 1time Airline’s Provisional Liquidation

Following the announcement on 2 November 2012 that 1time Airline would apply for Suspension of Services, herewith an update on the status of the company.

On Tuesday, 6 November 2012 Dr Gerhard Holtzhauzen, 1time’s Business Rescue practitioner filed an application for the termination of the Business Rescue proceedings, and for the airline to be placed under provisional liquidation.

The North Gauteng High Court subsequently issued a provisional liquidation order on Wednesday, 7 November 2012, and decreed that that the return date for the order would be 11 December 2012, at which time the court will rule on the final closure of the business.

On the same date, the Master of the High Court appointed Aviwe Ndyamara as the provisional liquidator. Ndyamara is currently investigating the affairs of the company and has commenced his statutory obligations as provisional liquidator.

These obligations involve engaging with all stakeholders in interrogating various options of investment into 1time Airline (Pty) Ltd Registration Number 2003/020975/07, with the ultimate objective of reviving the company and saving jobs.

The provisional liquidator will communicate any additional information with all stakeholders, as soon as he is in a position to do so.

In the meantime, further information is available on the following website www.tshwanetrust.co.za.

Ends

Words: 210

Issued on behalf of: Aviwe Ndyamara
Provisional Liquidator
0861 874 926 or 0861 TSHWANE
[email protected]

Tshwane Trust

06/11/2012

Dear everyone

Please note that 1time Airline’s call centre number:
011 086 8000 is operational between 8am and 3pm and our customer service agents are on standby to handle all your enquiries.

Please also note that cash/EFT queries should be directed in writing to [email protected]. with your booking reference and contact details. Please also bear in mind that this process will be a long one as this is under a new procedure and they are trying to get through all of the emails as fast as they can.

Thanks

03/11/2012

Following 1time Airline's announcement yesterday afternoon that the carrier is filing for liquidation and that it has ceased operations with immediate effect, herewith a final passenger update:

1time passengers abroad:

1time is doing its utmost to accommodate passengers stranded in Zanzibar and Zimbabwe who were supposed to fly today, tomorrow and Monday (only). This is likely to be through a cash reimbursement upon arrival in South Africa.

Passengers' recourse:

There is likely recourse for credit card purchases on the "service not delivered" basis, which allows passengers who purchased 1time tickets using their credit cards to apply for their money back from their respective banks through a "charge back".

Nedbank statement:

The process for getting refunded is as follows for the cardholder who purchased tickets on 1time as per a statement from Nedbank which reads:

"Cardholders who have purchased flight tickets on 1time using a credit card branded with a Visa, MasterCard or an American Express logo, may contact their issuing bank for a chargeback. A chargeback is a reversal of a transaction because the goods or services that were purchased were not provided by the merchant. These card chargeback processing rules are established practices between banks that issue payment cards and banks that facilitate merchants to accept payment cards as a valid payment mechanism.

"Nedbank and American Express Cardholders may apply for a chargeback if they have purchased a 1time ticket on their Nedbank Visa or MasterCard credit card, or on their American Express card, for a flight scheduled to depart after 3pm on 2 November 2012.

"Cardholders should raise a chargeback within 60 days to allow enough time for Nedbank to validate the chargeback before we submit it to the acquirer. Nedbank advises all cardholders to follow the normal process and contact the Nedbank Call Centre on 0860 555 111."

A dispute form will be provided to the cardholder, after which the cardholder is required to submit the following documentation to Nedbank:

• The completed dispute form
• Proof that the services were not rendered (a reference number or correspondence to this effect) e.g. Copy of the air ticket.

Contact details:

ABSA: 0861 462 273 or email [email protected]

First National Bank: 087 575 1111

Nedbank: 0860 555 111

Standard Bank: [email protected]

1time again apologises to all passengers for the inconvenience and financial losses caused and wishes to reiterate that management and staff did everything in their power to keep the airline operational to honour commitments and obligations to passengers.

"Throughout our journey of Business Rescue we have been nothing but honest and transparant in all our dealings with you and therefore it is with regret that this is my final communique to you. In spite of malicious rumours, I wish to reassure them that 1time did not know until 3pm yesterday afternoon that the Business Rescue practitioners would shut operations with immediate effect.

"Despite the best efforts of my management team, our nationwide employees, and myself, we were unfortunately unable to win this battle. I again wish to thank passengers for their loyalty and commitment to 1time, your unrelenting support is testimony that South Africa has lost a formidable player in the aviation industry," concludes Blacky Komani, CEO of 1time Airline.

Ends

02/11/2012

Dear employees

After great contemplation, many hours of sleepless nights, and many vigorous rounds in the ring, it absolutely breaks my heart to let you know that 1time Airline is ceasing operations with immediate effect.

Our business rescue practitioner has advised that there are no reasonable prospects of survival as a potential financier notified us this afternoon that they are no longer able to invest in our airline. It is therefore with the utmost regret, disappointment and heartfelt disbelief that we have to file for liquidation, which means the end of a dream and an era for all of us.

Unfortunately, despite our best efforts we could not find the money to recapitalise the airline. I have never been one to play the blame game but I just wish and pray that things could have been different as you have been an incredible team and I would not have wanted anyone else by my side to fight this battle.

Although 1time will soon cease to exist, the airline that we’ve built up through blood, sweat, tears and undeniable passion, will live on in the hearts of our passengers and also our competitors, who
know that they have lost a formidable and world-class player in the low cost market.

As our doors are closing with immediate effect, our Business Rescue practitioner will be in contact with you to finalise any and all HR related issues.

Even though our paths will be separating here, I again want to thank you from the bottom of my heart for your unwavering loyalty, your dedication and hard work, and helping me in my fight to save our airline.

Sincerely

Blacky Komani
CEO

02/11/2012

1time Airline applies for liquidation

Low cost carrier 1time Airline announced on Friday, 2 November 2012 that it has applied for business liquidation, and that all of its operations have been grounded with immediate effect.

Although filing and operating under Business Rescue since 17 September 2012, the appointed practitioner has expressed that he believes there is no viable way forward in terms of recapitalising the airline to a profitable state.

“Our business rescue practitioner has advised that there are no reasonable prospects of survival as a potential financier notified us this afternoon that they are no longer able to invest in our airline. It is therefore with the utmost regret, disappointment and heartfelt disbelief that we have to file for liquidation, which means the end of a dream and an era for all of us,” said Blacky Komani, CEO of 1time Airline.

“I sincerely thank our employees who worked so hard over the years to drive 1time’s business, the travel trade who have been steadfast in their support, and our passengers who carried and maintained 1time during our most difficult and trying financial times, your loyalty is appreciated.”

1time’s Business Rescue practitioners will be in contact with creditors and future passengers to finalise all outstanding matters.

“Although 1time ceases to exist, the airline that we’ve built up through blood, sweat, tears and undeniable passion, will live on in the hearts of our passengers and also our competitors, who know that they have lost a formidable and world-class player in the low cost market.”

Ends

2 November 2012

31/10/2012

30/10/2012

Your desire to succeed should be greater than your fear of failure!! Have a fantastic day 1timers! Happy Flying:)

29/10/2012

It is never to late to follow your dreams... All your dreams can come true if you have the courage to pursue them!

25/10/2012

With the new day comes new strength and new thoughts!!
Have a great day 1timers :)

24/10/2012

Good morning 1timers. Another beautiful sunrise...!! Embrace the day and live with no regrets! Send us your gorgeous sunrise pictures that you have captured while on holiday and it could be our next cover pic!! See and like our new sunrises everyday!