Comair business rescue practitioners given more time to present plan

113
Comair. Kulula.com and British Airways. Circa February 2019. Picture: Eric Greer. © Unknown

Comair’s creditors on Tuesday granted the company’s business rescue practitioners an extension to publish their business rescue plan.

This after an unnamed interested investor group requested more time to progress its offer. They now have until July 28 to present the plan.

“We’ve been clear from the outset that for this business rescue to succeed, funding will be required.

“We’ve made significant progress exploring an expression of interest, and now the investor group needs to consider the legal complexities,” Richard Ferguson, one of the business rescue practitioners, said on Tuesday afternoon.

Ferguson said the investor group can then make a binding offer, and can include sufficient information in the plan for the affected parties to make a considered decision.

Discussions with potential funders began earlier this month, and a non-binding expression of interest was received on June 21.

The practitioners said they have since been progressing negotiations so that substantial information about the offer can be included in the plan.