PAKAfrica Aviation, a Pakistan-based aviation group with Middle Eastern interests in aerospace and aviation, has made an offer to buy a R15 million controlling stake in the holding company that owns 1time Airline and Jetworx, the aircraft maintenance unit.
A letter of intent was sent to 1time’s provisional liquidators on Monday night, the day before a meeting to update shareholders about the stricken airline’s prospects for avoiding final liquidation, set for October 3.
The most attractive assets that 1time still holds are its operating licences and its listing on the JSE, however, 1time’s debt of more than R450m had proved to be too high for some.