Comair BRPs ask for an additional extension to publish rescue plan


The enterprise rescue practitioners (BRPs) of Comair, who’re in talks with six potential funders to recapitalise the embattled aviation group, requested collectors on Tuesday for an additional extension to publish the eagerly awaited enterprise rescue plan.

Comair, which owns kulula.com and operates British Airways home flights in South Africa, commenced voluntary enterprise rescue proceedings on Might 5, 2020. BRPs Shaun Collyer and Richard Ferguson had been appointed to handle the method.

Learn:
Comair to file for voluntary business rescue
Comair not insolvent and can be rescued – BRPs

Earlier this month the BRPs requested for an extension to the deadline for publication of the airline’s enterprise rescue plan from June 9 to June 23. Now they’re asking for the deadline to be prolonged by every week, as discussions are ongoing with a number of potential funders.

Part 150(5) of the Firms Act requires enterprise rescue plan be revealed inside 25 enterprise days after the date on which practitioners are appointed. Longer time could also be allowed by the holders of a majority of the collectors’ voting pursuits.

The BRPs reiterated on Tuesday that discussions with potential funders have resulted in a non-binding expression of curiosity for money funding.

Learn: SAA rescue plan faces pushback from competitor and labour

“Earlier this month (June 2) the enterprise rescue practitioners confirmed they had been in discussions with funders to recapitalise the airline to be able to resume home passenger operations by November 1. Over 30 potential funders had been contacted and 6 had been progressing discussions,” they famous in a press release.

“Now that an expression of curiosity has been acquired, a due diligence investigation and additional negotiations will happen. The practitioners require binding supply be made so adequate particulars of this may be included within the enterprise rescue plan,” the BRPs identified.

The practitioners have thus requested collectors to increase the publication date for the enterprise rescue plan for every week till June 30, whereas talks proceed.

* Collectors have till 2pm at this time (Tuesday) to make any written objections by e-mailing  creditorclaims@comair.co.za