On Tuesday afternoon the business rescue practitioners (BRPs) for Comair, Shaun Collyer and Richard Ferguson, announced that the group’s creditors had approved another extension for the publication date of the business rescue plan, to July 28. Comair is a private-sector airline group that operated the British Airways in South Africa and Kulula low cost carrier brands.
“We’ve been clear from the outset that for this business rescue to succeed, funding will be required,” pointed out Ferguson. “We’ve made significant progress exploring an expression of interest and now the investor group needs to consider the legal complexities. It can then make a binding offer and we can include sufficient information in the plan for the affected parties to make a considered decision.”
A non-binding offer was received on June 21. The BRPs have since been working on advancing the discussions, in order to be able to incorporate significant information regarding this offer into their business rescue plan for Comair.
“There is no other reason for asking creditors for the extension,” he assured. “Funding is fundamental to this plan and we cannot reasonably expect affected parties to vote on it until we have a binding offer.”
The publication date of the business rescue plan had previously been postponed from June 9 to June 23, and then again from June 23 to June 30. Comair had entered voluntary business rescue on May 5.