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BusinessLive reports that the business rescue practitioners (BRPs) for Comair intend to halve the airline’s fleet of aircraft and reduce staff as part of efforts to save the company.
The company, which operates Kulula.com and British Airways (BA) flights in SA, commenced voluntary business rescue proceedings on 5 May after all flights in SA were grounded due to the coronavirus pandemic. In a JSE announcement on Friday, the BRPs indicated that key elements of the business rescue plan included cutting the operational fleet in half and renegotiating and/or refinancing its aircraft finance and lease agreements. The retrenchment process that started before the company went into business rescue would continue. The practitioners have also asked creditors for a short extension for the publication of their plan. It was supposed to be published on 9 June, but the BRPs have asked for this to be extended until 23 June.
- Read the full original of the report in the above regard by Linda Ensor and Reuters at BusinessLive
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