Comair business rescue practitioners seek extension before presenting plan

05 June 2020 - 18:07 By ERNEST MABUZA
A Kulula aircraft operated by Comair. Business rescue practitioners on Friday requested a postponement, until June 23, of the publication of the business rescue plan. File photo.
A Kulula aircraft operated by Comair. Business rescue practitioners on Friday requested a postponement, until June 23, of the publication of the business rescue plan. File photo.
Image: Sunday Times

Comair’s business rescue practitioners on Friday asked creditors for a short extension for the publication of the business rescue plan.

The practitioners, Shaun Collyer and Richard Ferguson, had originally aimed to publish the plan on June 9 but have asked for this to be extended until June 23. The company entered into voluntary business rescue on May 5.

One of the reasons for the request is that Comair is still finalising its financial statements for April.

The practitioners said this information was required so the practitioners were able to reconcile creditors’ claims with the company’s records.

Comair is also 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 practitioners would like to consult further with affected parties in order to prepare a thorough business rescue plan.

Collyer and Ferguson said they remained 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,” the practitioners said in a statement.

Creditors have until 5pm on Monday to raise any written objections.

They can e-mail creditorclaims@comair.co.za


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