Comair business rescuers want another month to find funding solution

28 July 2020 - 17:26 By TimesLIVE
Comair says short-term bridging finance is urgently required to ensure it can meet its limited operational overheads and for the business rescue process to continue. File image
Comair says short-term bridging finance is urgently required to ensure it can meet its limited operational overheads and for the business rescue process to continue. File image
Image: Supplied

Business rescue practitioners at Comair - which operates kulula.com and British Airways in SA - have asked for another month to publish its business rescue plan.

In a statement, the company said the request for the extension to August 28 is for the practitioners to "negotiate short-term bridging funding as post-commencement finance and advance two offers from potential investors".

"Of the two recent investment offers received, one is binding but contains several conditions that need to be satisfied. The other is non-binding and further negotiation is required to progress it to the point where it could be included in the business rescue plan.

"The short-term bridging finance is urgently required to ensure Comair can meet its limited operational overheads and for the business rescue process to continue," the company said.

The company's creditors have until July 29 to grant the extension.

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