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Comair business rescue practitioners issue latest report on airline’s rescue plan progress

5th January 2021

Creamer Media Senior Deputy Editor

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The business rescue practitioners (BRPs) for private-sector airline Comair issued an update on progress with the group’s business rescue plan on Tuesday, in line with the requirements of the Companies Act. The update was issued via the Johannesburg Stock Exchange’s SENS news service.

The BRPs pointed out that all notices regarding the amended business rescue plan, and the plan itself, were available on the Comair website. They also noted that the airline had restarted its flying operations on December 1.

“In addition, the Company has now received both the equity and debt funding contemplated in the Plan, as amended,” they reported in the SENS update. “Recognised post-commencement financiers, ie financiers from whom the Company has obtained funding to assist the Company in the process of managing itself out of its financial distress, have been repaid, alternatively, the Company’s indebtedness has been rolled-up into existing facilities by agreement between the parties.”

The BRPs also warned all Comair creditors who had not yet lodged their claims that they had to do so by no later than February 1. Such claims had to be accompanied by supporting documentation. This included contingent creditors and disputed creditors.

This update was the fourth such report issued by the BRPs since the start of the business rescue process. As is required by legislation, it was sent to all persons affected by the business rescue process and to the Companies and Intellectual Property Commission.

Edited by Creamer Media Reporter

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