Comair’s business rescue practitioners have today (5 June 2020) asked creditors for a short extension for the publication of the business rescue plan.
They had originally aimed to publish the plan on 9 June but have asked for this to be extended until 23 June. The reasons are:
- Comair is still in the process of finalising its financial statements for April. This information is required so the practitioners are able to reconcile creditors’ claims with the company’s records.
- Comair is awaiting the independent calculation of the liquidation dividend that creditors would receive if the company were to go into liquidation. This calculation must be included in the business rescue plan.
- The business rescue practitioners would like to consult further with affected parties in order to prepare a thorough business rescue plan.
Business rescue practitioners Shaun Collyer and Richard Ferguson, who between them have over 50 years' experience in business rescue and sector-specific experience gained both here and abroad, remain confident that Comair will fly again.
"As we’ve said repeatedly our aim is to return Comair to the skies by November for the benefit of everyone and contribute to the recovery of the South African economy. We believe we remain on track to do this but need a little more time to complete a suitably comprehensive and sustainable business rescue plan."
Creditors have until 17:00 on 8 June to raise any written objections by emailing email@example.com