Comair secures $2.27 mn for interim survival
Comair has secured $2.27 million short-term financing to keep it surviving through the coming weeks.
August 15, 2020: Comair has secured $2.27 million short-term financing to keep it surviving through the coming weeks wherein its business rescue practitioners will carry out a due diligence on two offers that prospective investors have submitted, as reported by CH-Aviation.
Since May, Comair has been under business rescue.
The short-term bridge loan would allow Comair, which operates a British Airways franchise and the Kulula Air, to meet its operational overheads and allow its business rescue process to continue.
BRPs Shaun Collyer and Richard Ferguson are due to conclude their reviews of the two offers which were submitted in July.
Given the time needed to assess the offers and determine whether Comair and the BRPs can fulfill each offer's conditions, let alone determine the willingness of Comair's financiers to work with the consortia, the BRPs asked for, and were granted, an extension to August 28 for the publication of Comair's business rescue plan.
Comair has been grounded since March this year as a result of the Covid-19 pandemic.