African carrier Fastjet has signed an option to buy insolvent South African low-fare airline 1time. After the deal is confirmed, flight operations are to be resumed with an initial fleet of up to three MD-80s, but Fastjet says the re-launch will not occur until early 2013. Fastjet would pay a nominal price of ZAR1 ($0.12) for the grounded airline. Many conditions still have to be met before Fastjet’s new South African operation can take off. The agreement is subject to regulatory ...

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