African no-frills carrier Fastjet has taken another step towards buying South African airline 1 Time from its creditors.
The airline, which has been backed by Easyjet founder Sir Stelios Haji-Ioannou, announced on Monday that it has signed a letter of intent with the liquidators of 1 Time, which collapsed in November.
Fastjet, which began flying in November with the launch of domestic flights within Tanzania, called the move "a major step towards the acquisition of 1 Time and the launch of Fastjet flights in South Africa".
Fastjet Chief Executive Officer Ed Winter, 65, said: "Fastjet is really excited about the opportunity to serve the South African air travel market and this is a very significant step towards making that a reality."
It did caution however that, "whilst 1 Time remains firmly Fastjet's preferred route, the low-cost carrier continues to explore alternative partnerships to launch Fastjet in South Africa which will be available if a satisfactory compromise cannot be negotiated with the 1 Time creditors."
Fastjet wants to become a pan-African no-frills carrier.
Image: © Fastjet
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