{"id":16102,"date":"2012-11-02T20:26:42","date_gmt":"2012-11-02T18:26:42","guid":{"rendered":"http:\/\/www.myza.co.za\/11\/update-1-s-africa-budget-airline-1time-files-for-liquidation\/"},"modified":"2012-11-02T20:26:42","modified_gmt":"2012-11-02T18:26:42","slug":"update-1-s-africa-budget-airline-1time-files-for-liquidation","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-budget-airline-1time-files-for-liquidation\/","title":{"rendered":"UPDATE 1-S.Africa budget airline 1time files for liquidation"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Small budget airline files for liquidation<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Hundreds left stranded on Friday<\/p>\n<p><span><\/span><\/p>\n<p>* Shares have fallen 87 pct this year<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Nov 2 (Reuters) &#8211; South African budget airline<br \/>\n1time Holdings said on Friday it had filed for<br \/>\nliquidation and cancelled its flights, after pulling the plug on<br \/>\na rescue plan.<\/p>\n<p><span><\/span><\/p>\n<p>The airline, which operated flights within South Africa,<br \/>\nsaid in August it had launched a turnaround plan to right its<br \/>\nmoney-losing business.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;At the board meeting held today&#8230; it was recognised and<br \/>\nagreed that the business had no reasonable prospect of being<br \/>\nrescued,&#8221; the company said in a statement to the stock exchange.<\/p>\n<p><span><\/span><\/p>\n<p>Trading in its shares &#8211; which have lost 87 percent of their<br \/>\nvalue this year &#8211; would be halted, the company said.<\/p>\n<p><span><\/span><\/p>\n<p>Local media reported that hundreds of passengers were left<br \/>\nstranded after the airline cancelled all its flights at 3:00<br \/>\np.m. (1300 GMT).<\/p>\n<p><span><\/span><\/p>\n<p>The money-losing airline had 16 million rand ($1.85<br \/>\nmillion)in long-term debt on its balance sheet as of the end of<br \/>\nDecember, according to Thomson Reuters data.<\/p>\n<p><span><\/span><\/p>\n<p>Its total liabilities at the time came to 536 million rand.<br \/>\n($1 = 8.6513 South African rand)<\/p>\n<p> (Reporting by David Dolan; Editing by Jon Herskovitz)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Small budget airline files for liquidation * Hundreds left stranded on Friday * Shares have fallen 87 pct this year (Adds details) JOHANNESBURG, Nov 2 (Reuters) &#8211; South African budget airline 1time Holdings said on Friday it had filed for liquidation and cancelled its flights, after pulling the plug on a rescue plan. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-16102","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=16102"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16102\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=16102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=16102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=16102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}