Behemoth: Comair operates British Airways and Kulula flights. Picture: Supplied
Behemoth: Comair operates British Airways and Kulula flights. Picture: Supplied

Comair's business rescue practitioners say they want to delay the publication of a rescue plan to consider a funding offer made on Sunday.

The offer is a nonbinding expression of interest for cash funding in the form of debt, equity and post-commencement funding, they said.

To do this, they want to extend the rescue plan by a week to June 30, and creditors have until 2pm on Tuesday to object, otherwise it will be assumed they have consented.

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 work out if it can survive or if assets should be auctioned off to pay creditors.

gernetzkyk@businesslive.co.za