Comair flies into liquidation with assets of R3.5bn
Liabilities amount to R4bn, papers show
Comair has listed assets worth at least R3.5bn as its business rescue practitioners lodge a court application to wind down the company that was once hailed as the gold standard of SA aviation after failing to secure half-a-billion rand to stay afloat.
In court papers filed as part of the liquidation application, which is scheduled to be heard on Tuesday, Richard Ferguson, one of Comair’s business rescue practitioners, said there is an urgent need to put its assets, mainly its aircraft fleet, under a court-appointed liquidator to preserve their value for creditors as Comair is unable to meet any of its debt obligations...
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