Comair creditor meeting postponed until further notice
This is the third time the meeting on the issue of remuneration for the business rescue practitioners has been pushed out
A meeting of Comair creditors aimed at resolving the issue of the remuneration of the embattled airlines business rescue practitioners has been postponed until further notice.
This is the third time the meeting has been postponed. It was originally scheduled for July 17, but had been delayed until July 20, and now again on Tuesday.
The practitioners want to double their hourly rate to R4,000, but this has received opposition from unions Solidarity and the National Union of Metalworkers of SA (Numsa).
Comair said a new date will be advised in due course. The postponement will allow for further discussions, Comair said, adding that the previous postponement was at the request of the creditors’ committee.
Comair, which operates British Airways flights and Kulula in SA, entered business rescue in May — a form of bankruptcy protection that allows a financially distressed company to delay creditors’ claims against it or its assets.
The company appointed Shaun Collyer and Richard Ferguson as joint business rescue practitioners, who will oversee the restructuring of the company and ascertain if it can survive or if assets should be auctioned off to pay creditors.
Update: July 21 2020
This article has been updated with additional information.
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