The business rescue practitioners (BRPs) for private-sector airline group Comair have requested a further postponement in the publication of their business rescue plan. BRPs Shaun Collyer and Richard Ferguson, in a statement released by the JSE’s Stock Exchange News Service (SENS), have requested that the group’s creditors permit them to delay the publication of the plan until July 28.
The BRPs explained that they had received, on June 21, a non-binding expression of interest in the Comair group. They were continuing to examine and develop this interest in Comair, with these potential investors.
Currently, the BRPs and the interested group were, in the words of the SENS statement, “considering certain legal complexities” which were required in order to advance the expression of interest in the airline group. They were also necessary to make the outcome of the plan more certain.
“Until such time as these legal complexities are clarified and resolved with the interested group, the Practitioners are unable to publish a business rescue plan that will contain all the information reasonably required to facilitate affected persons deciding whether or not to accept or reject the plan,” they stated. Anyone who objected to such an extension should email their opposition to the BRPs by 12h00, noon, June 30. The BRPs would take failure to oppose the extension as an expression of support for the extension.
The publication of the business rescue plan had already been extended, from June 9 to June 30. Comair entered voluntary business rescue on May 5 this year. The group operates the British Airways in South Africa and Kulula low cost carrier brands.