Oh, sure. You should definitely invest in that.

A collective of 1Time Airlines founders have applied to the Air Services Licensing Council (ASLC) for a licence to start a low-cost airline.

Moneyweb has the scoop:

An e-mailed statement from the Department of Transport toMoneyweb states that Rodney James, the previous CEO of 1Time Airlines Pty Ltd and previous shareholders of 1time Airlines Pty Ltd, had applied for a licence.

An application by Cobolar Pty Ltd was considered on November 7, and published on October 5 2012 on Government Notice no. 714 of 2012, the department said.

Moneyweb also indicated that a number of sources in the aviation industry say that the new airline could be in the air in a matter of weeks.

This is obviously cheery news for the South African air traveller, currently labouring under a de facto duopoly, with the only two low cost airlines in operation in South Africa being Kulula and Mango, owned by Comair and South African Airways, respectively.

Water-cooler gossip in the local aviation industry suggests that James and his cohorts may partner with UK-based low cost airline FastJet, who have been sniffing 1Time’s corpse at the prospect of a cheap acquisition prior to 1Time’s dramatic exit from the market last week.

We’re fine with that, so long as the new crew can keep the engines on the planes.

Meanwhile, 1Time’s current CEO and business rescue practitioner have laid the blame for 1Time’s financial ruin squarly at the door of Airports Company South Africa (ACSA). ACSA countered with a compelling “Nah-UH!”

Grow up, kids.

[Source : MoneyWeb]