Comair’s turnaround proves the value of business rescue

Judging from what we have seen in 2020, the business rescue process is poised to save a number of financially distressed companies in 2021 as the full impact of SA’s economic lockdown is felt.

Despite the seemingly negative implications, we have seen positive outcomes. This bodes well for a system that is finally finding its feet in corporate SA, allowing financially distressed companies to restore themselves to a position of solvency, often saving many jobs in the process. Notwithstanding SA Express exiting its business rescue process and ending up in provisional liquidation, it has been reported that the provisional liquidators have almost finalised the purchase of the airline by Fly SAX. When the transaction is finalised a group of retrenched employees will end up having a 25% stake and the remaining 48% will be owned by a consortium of investors.

Consolidated Infrastructure Group and subsidiary Consolidated Power have also had to file for business rescue. While the construction sector remains stressed, it is hoped that the business rescue process will deliver a consolidation of the business with possible sales of group companies and the ongoing completion of contracts.

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