The sun finally set on cash-squeezed Comair after business rescue practitioners said on Thursday that the airline can no longer be rescued because funding cannot be raised.
The practitioners had tasked the Comair Rescue Consortium, the current owner, with the responsibility to draft a plan for continued operations by May 31, a task that the consortium failed to execute, resulting in the airline being grounded on June 1.
The practitioners have since lodged a court application to convert the business rescue proceedings into liquidation proceedings.
Richard Ferguson, one of the airline’s business rescue practitioners, said in a statement that with its two airline brands, British Airways and kulula.com, market share, experienced employees, sales and redistribution channels, Comair was an inherently viable business.
“It is an extremely sad day for the company, its employees, its customers, and South African aviation,” said Ferguson.
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