18 Mar 2013 07:00
fastjet plc
("fastjet" or the "Company")
18 March 2013
fastjet Files Letter of Intent With 1 Time Liquidators
Further to the announcement of 8 March 2013 in relation to the option agreement over 1 Time airline, fastjet plc, the London-listed low-cost African airline, provides the following update.
fastjet has filed a letter of intent with the liquidators of 1 Time in Johannesburg, South Africa, to enable the liquidators to negotiate a compromise settlement with the creditors. This is a major step towards the acquisition of 1 Time and the launch of fastjet flights in South Africa.
fastjet Chief Executive Officer Ed Winter 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."
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.
Ends.
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NOTES TO EDITORS
About fastjet plc
fastjet plc is quoted on the London Stock Exchange's AIM market. For more information see www.fastjet.com