Shares in airline 1Time plunge as company announces financial distress

Andiswa Mkosi
22 August 2012

Shares in budget South African airline 1Time have plunged over 42-percent to their lowest level since June at only 8-cents-a-share.

This after the airline operator announced late yesterday it was applying for business rescue proceedings due to financial distress.

1Time chief executive Blacky Komani told Business Day the airline would continue scheduled services and just needed time to present a turnaround strategy.

This despite reports that the firm has about 320-million-rand in short-term debt.