Comair’s business rescue plan expected to land on June 9
The embattled airline’s assets exceed its liabilities, and there is a reasonable chance of rescuing it, the group’s business rescue practitioners say
The business rescue practitioners for embattled airline Comair expect to publish a rescue plan in three weeks , saying there is a reasonable chance of rescuing the business given its asset base and its importance in terms of SA’s travel infrastructure.
Founded shortly after the end of World War 2 to offer chartered flights to some of the remotest places in Africa, Comair entered business rescue — a form of bankruptcy protection that allows a financially distressed company to delay creditors claims against it or its assets — on May 5. It is one of a number of companies including Edcon that have filed for business rescue in recent months. ..
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