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Solidarity: Statement by Marius Croucamp, Solidarity spokesperson, on approved Jetworx deal (23/01/2013)

23rd January 2013

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The creditors of Jetworx, aircraft maintenance subsidiary of 1time Holdings, have agreed to sell the company to an affiliate of the American Industrial Acquisition Corporation (AIAC), trade union Solidarity said today. The jobs of Jetworx’s approximately 200 employees will therefore be safe for at least the next six months.
 
Marius Croucamp, Solidarity’s spokesperson, said 79% of Jetworx’s creditors voted in favour of the transaction. ‘The new owners are expected to come to South Africa next week and the necessary agreements will be drawn up. According to the business plan that Jetworx released earlier this month, its estimated 200 employees will keep their jobs for at least the next six months. We hope that Jetworx will now get more business and be in a position to retain its employees after this period, and that further retrenchments or restructuring will not take place at the company.’
 
Jetworx retrenched nearly 200 of its estimated 400 employees before it was placed under business rescue in August 2012. Retrenchments were halted for the time being while it was under business rescue. After 1time had been placed under provisional liquidation, Jetworx was, however, forced to consider further retrenchments.

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