The airline is considering reducing its current fleet by half - from 27 planes to 13.
Shaun Collyer, one of the business rescue practitioners, said: "This unfortunate hardship has been imposed on Comair employees as a consequence of the Covid-19 lockdown and state-of-disaster act."
The practitioners said they were in discussions about recapitalising the airline "in order to resume domestic passenger operations by November 1".
"Over 30 potential funders had been contacted and six are progressing discussions," they said.
They added that Comair had acquired a 50% shareholding of Nacelle, a South African aerotech company.
"The negotiations began before Comair entered business rescue and the deal will give it full control of IT infrastructure, customer data, flight systems and support services.
"Comair is not able to fund the deal now. It has agreed to pay in instalments over 17 months once funding has been secured."