Comair asks for more time to stitch together business rescue plan

The business rescue practitioners (BRPs) of embattled airline Comair have asked creditors to extend the deadline for the publication of the company’s business rescue plan.

The BRPs in a statement said they received (on 21 June 2020) a non-binding expression of interest from an interested group, which the BRPs and the unnamed group are exploring and “considering certain legal complexities.”

“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 a plan,” read the statement.

“In light of the above, the Practitioners are seeking the consent of a majority of the creditors to extend the Publication Date in terms of section 150(5)(b) of the Companies Act (“Consent”) to 28 July 2020,” the statement concluded.

Comair, which operates the local British Airways franchise and budget airline kulula.com, filed for business rescue in May after President Cyril Ramaphosa announced a nationwide lockdown to curb the spread of COVID-19, which forced airlines to suspend all commercial flights

 

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