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Sunday, November 27, 2022

Comair’s business rescue fails – company applies for liquidation

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Comair’s enterprise rescue practitioners (BRP) have lodged an software to transform the enterprise rescue into liquation proceedings.

READ MORE: Comair and Airlink collaborate to help prospects affected by suspension

British Airways and kulula.com – each operated by Comair – have been beneath great strain in latest months. After beginning the enterprise rescue course of, Comair was in a position to begin flying once more when the Comair Rescue Consortium (CRC) invested R500m for a 99% share of the fairness within the firm.

Nonetheless, Comair confronted ‘unexpected headwinds’, together with South Africa being ‘Crimson Listed’ by a number of European nations, most notably the UK, in addition to the suspension of Comair’s Air operator’s certificates in March 2022.

Regardless of the very best efforts of the BRPs, they weren’t in a position to safe the capital wanted for each airways to renew regular enterprise operations.

One of many BRPs, Richard Ferguson said that ‘we did our utmost to safe the funding, however after we had been unable to take action had no choice to lodge the applying. It’s a particularly unhappy day for the corporate, its workers, its prospects and South African aviation’.

Comair workers and prospects affected by the suspension will now turn out to be collectors of the corporate, in accordance with Ferguson.

Image: Getaway Gallery

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