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Business Times reports that former Comair CEO Erik Venter is "surprised" at the airline's decision to go into business rescue, which he thinks is unnecessary.
He commented further: "It's a very dramatic position to take. I don't really understand why they went to that extreme. You normally go into business rescue when the balance sheet has been fully depleted and there's nothing left to sell. In Comair it's quite the opposite." According to Venter, who resigned in July 2019 after 13 years as CEO, the airline has eight "newish" aircraft that are now "very valuable" and highly marketable. Venter reckons some shareholders might prefer liquidation and a massive payout. If Comair resumed operations, its success would depend on SA Airways, Venter reckoned. The disappearance of SAA would relieve a lot of pressure on the supply side of the market, meaning the remaining carriers would get a better load, which would be a big boost for profitability.
- Read the full original of the report in the above regard by Chris Barron at Business Times
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