Comair’s business rescue practitioners have lodged a court application to liquidate the airline after they failed to raise the funding needed to save it and resume operations, the BRPs confirmed in a statement on Thursday. The company, which owns and operates domestic carrier kulula.com and has a franchise agreement to operate local British Airways flights, has been around since 1946.
“We did our utmost to secure the funding, but when we were unable to do so, had no option to [but] lodge the application. It is an extremely sad day for the company, its employees, its customers and South African aviation,” says BRP Richard Ferguson. Despite being in business rescue, Comair was able to remain operational with the help of the Comair Rescue Consortium which invested R500 million in the business for a 99% equity share.
I do wonder whether the bail out money for SAA would not have been better spent here ..
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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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