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If latest business rescue plan is approved, Comair hopes to start flying in December

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The future of Comair should be known by September 18 when creditors and shareholders are to make their decision on whether to adopt the business rescue plan tabled on Wednesday.

In a statement, business rescue practitioners at Comair — which operates kulula.com and British Airways in SA — said depending on this decision, its flights could be operational in December.

“The first R100m will be paid in two equal tranches in September and October as secured post-commencement finance. Additional funding from lenders of R1.4bn is required to successfully implement the adopted plan. This will comprise R600m in net new debt.

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Comair eyes December flights if business rescue plan acceptedThe plan was published on Wednesday and will allow creditors and shareholders two weeks to consider and adopt the plan.
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Comair eyes December flights if business rescue plan acceptedThe plan was published on Wednesday and will allow creditors and shareholders two weeks to consider and adopt the plan.
Source: ewnupdates - 🏆 30. / 53 Read more »