FASTJET REPORTEDLY FILES LETTER OF INTENT WITH 1TIME LIQUIDATORS
Seemingly unperturbed by the ongoing negative publicity for the airline, as a result of being entangled with former choice darling partner and now turned arch foe Fly540, has the management of FastJet now apparently filed a letter of intent with the liquidators of 1Time, a South African lower cost carrier in liquidation after running out of cash last year.
According to a South African aviation source, and as reported here before, were FastJet chairman Lenigas and the airline CEO Ed Winter in South Africa recently to meet with the liquidators of the moribund airline, following up on an MoU signed with 1Time last year.
True to style though did FastJet sound an ominous warning to the liquidators, that should they not comply with their overtures, other partners could be sought in South Africa to the detriment of 1Time, which FastJet proposed to purchase at the cost of 1 South African Rand. The purchase price, low as it seems, however will possibly include taking on a number of liabilities 1Time could have incurred and which the liquidators are presently dealing with.
It is hoped though that the lessons taught by the disastrous relationship with Fly540, a proper due diligence is being carried out this time round and all legal loopholes be plugged, with a clear understanding of existing and inherited debts so as to avoid legal cases spreading further into Africa, beyond the legal battle underway now in Kenya and the UK.