African-budget carrier Fastjet has filed a letter of intent with the liquidators of failed South African low-cost carrier 1time.

Last December, Fastjet’s management struck a provisional deal to acquire 1time for ZAR1 ($0.12). This deal has now come a step closer to fruition, following a meeting between Fastjet chairman David Lenigas, Fastjet CEO Ed Winter and 1time’s liquidators.

“Fastjet has filed a letter of intent with the liquidators of 1time 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 1time and the launch of Fastjet flights in South Africa,” Fastjet said in a statement to the stock market.

However, the airline also added: “While 1time 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 1time creditors.”