Comair, which operates the Kulula.com and British Airways flights in SA, has sold its slow business lounge to FirstRand Bank for R250m, failing which it was unlikely to have had capital needed to emerge out of business rescue.
evel 4 lockdown, which prohibited non-essential travel in and out of Gauteng, and low demand for air travel. But the suspension of services left it without sufficient capital needed to resume travel and left its business rescue plan under threat. In a notice to creditors on its website, Comair said: “following the pursuit of certain funding initiatives to ensure that the company had sufficient funding to recommence its flight operations on September 1, it has disposed of its Slow Lounge business failing which, given the severity of the level four lockdown conditions, the company would likely not have emerged from business rescue”.
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