Comair grounded for good: Business rescue practitioners says there's no reasonable chance to resuscitate firm that operates Kulula and British Airways KossyDerrickBlog KossyDerrickEnt

KossyDerrickEnt

Your favourite Entertainment Blog for: Trending Gist in Nigeria, South Africa, Kenya and other African countries, Social Media Trending Topics & Opinions, Food, Comedy, Hollywood Celebrity Gist and Celebrity Gist in Nigeria & Africa. For promotions, sponsored posts, adverts and submission of news or gist, contact us: [email protected]

Breaking News

Search This Blog

Translate

Thursday, June 9, 2022

Comair grounded for good: Business rescue practitioners says there's no reasonable chance to resuscitate firm that operates Kulula and British Airways

Information reaching Kossyderrickent has it that Comair has said Comair is grounded for good: Business rescue practitioners says there's no reasonable chance to resuscitate firm that operates Kulula and British Airways. (Read More Here).


Newsroom reports: "[BREAKING NEWS] Comair grounded for good: Business rescue practitioners says there's no reasonable chance to resuscitate firm that operates Kulula and British Airways.

In a notice published on Thursday, the business rescue practitioners said Comair could not raise the necessary funding to continue with operations. The deadline they had set for the owners, the Comair Rescue Consortium, to raise the necessary funding and come up with a practical plan for continued operations was 31 May.

Comair has published a statement on its website confirming that its BRPs had lodged a court application to convert the business rescue process into liquidation.

“The BRPs ongoing requests to the CRC to provide a plan to raise the further funding necessary to absorb the balance of these and other future potential economic shocks were not successful,” the statement said.

“In the circumstances, the BRPs approached other lenders to raise the funding required. Regrettably when this funding could not be secured before the existing funding was exhausted, scheduled flight operations were suspended on 31 May 2022.”

“Comair’s BRPs continued the process to secure additional funding from other sources but despite several parties expressing interest, they were unable to secure sufficient substantive commitment,” it added.

"We did our utmost to secure the funding, but when we were unable to do so had no option to lodge the application. It is an extremely sad day for the company, its employees, its customers and South African aviation,” said one of the BRPs, Richard Ferguson.

No comments:

Advertise With Us