In a statement released by the practitioners on Thursday, they said the application has been made to court to convert the business rescue proceedings into liquidation.Richard Ferguson, one of the practitioners, said Comair’s two airline brands British Airways and Kulula.com were viable businesses but unfortunately, despite efforts to save the company, they were unable to get capital required for the company to resume operations.
He said after entering business rescue, Comair was able to start flying again when the Comair Rescue Consortium invested R500m for a 99% share of the equity in the company at the time. These included the red-listing of SA by certain European countries and the suspension of the firm’s aviation certificate in March by the regulator, and high fuel prices in the past five months.
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Comair fails to get money, business rescue practitioners believe it can't be saved | Fin24JUST IN | Comair could not raise the necessary funding to continue with operations, its business rescue practitioners announced on Thursday. | Fin24 Fin24 I'm desperate for any employment. I'm willing to be a slave boy or a servant too. Just for my kids🙏. My children are suffering because I struggle to put food on the table for them😭. Last night they slept hungry and that broke me as a father💔. Fin24 The R51 gang must buy this one as well Fin24 You mean they couldn't raise the necessary funding to appease the overlords in the country, looking after their own SAA interests?
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