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
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.