1time files for business rescue proceedings

1time Holdings filed (21-Aug-2012) for business rescue proceedings on 21-Aug-2012 due to the "financial distress" of its operating subsidiaries 1time and Jetworx Aircraft Services. 1time has debts of approximately ZAR320 million (USD38.9 million) and reported a net loss of ZAR157.2 million (USD19.1 million) in 2011. The board of 1time Holdings said, "the business rescue process will allow 1time to continue to operate while it prepares and implements a plan of reorganisation - to focus on its more profitable routes and to reorganise the business financially and strategically so that it can operate efficiently and sustainably while aiming to return to profitability and to emerge as a healthier company." [more - original PR]