Another and urgent request for Comair business rescue to be extended
On Tuesday afternoon the business rescue practitioners (BRPs) for South African private-sector airline group Comair asked its creditors to extend the publication date for the airline’s business rescue plan by a month (until August 28). The creditors have until midday Wednesday to respond.
The extension request has been made for two reasons. One is so that the BRPs can secure short-term bridging funding (post-commencement finance) for Comair. This is “urgently required” (in the words of the BRPs press release) to allow the airline to meet its remaining (“limited”) operational overheads and to allow the business rescue process to continue.
The other reason is to progress with two proposals from potential investors in the group. “Of the two recent investment offers received, one is binding but contains several conditions that need to be satisfied,” reported the BRPs. “The other is non-binding and further negotiation is required to progress it to the point where it could be included in the business rescue plan.”
This would not be the first extension for the business rescue plan publication date. An earlier extension had been granted to give the BRPs time to pursue a previous, non-binding, investment offer. However, it had turned out that that offer could not be proceeded with.
Comair operated two airline brands. One was British Airways in South Africa and the other was the budget airline Kulula.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
