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BusinessLive reports that Comair has become the second high-profile private company to be floored by the Covid-19 outbreak.
The airline entered business rescue on Tuesday. Airlines were unlikely to resume flights until at least October, Comair noted and went on to indicate: “These extraordinary circumstances have completely eroded our revenue base while we are still obliged to meet fixed overhead costs. The only responsible decision is to apply for business rescue.” CEO Wrenelle Stander expressed confidence that Comair would emerge from business rescue, adding that the company remained “solvent”. The company has appointed Shaun Collyer and Richard Ferguson as joint business rescue practitioners, who will oversee the restructuring of the company to work out if it can survive or if assets should be auctioned off to pay off creditors. Comair is the second high-profile private company to tumble into business rescue after retailer Edcon voluntarily filed for the same protection from creditors to reorganise its business and work out if it can survive.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive
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