Creditors adopt business rescue plan as Comair moves one step closer to recovery
The preferred investment consortium, comprising a number of former Comair board members and executives, will invest fresh equity of R500m in return for a 99% shareholding
18 September 2020 - 18:32
Comair creditors and shareholders voted to adopt a business rescue plan on Friday, placing the troubled airline operator one step closer to recovery.
The rescue plan was adopted despite attempts by unions to derail the meeting. The National Union of Metalworkers of SA (Numsa), which is the majority union at Comair, had refused to attend a stakeholder meeting on Thursday to prepare for the Friday meeting during which the rescue plan was adopted, saying it was not adequately consulted on the choices presented by the rescue practitioners...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.