in Business & Finance

Comair BRPs gets extension

Posted 30 June 2020 · Add Comment

Comair’s creditors have granted its business rescue practitioners an extension to publish the business rescue plan after an interested investor group requested more time to progress its offer.

 

Comair, a franchise partner of British Airways, BRP granted an extension. Image: Comair

 

“We’ve been clear from the outset that for this business rescue to succeed, funding will be required. We’ve made significant progress exploring an expression of interest and now the investor group needs to consider the legal complexities. It can then make a binding offer and we can include sufficient information in the plan for the affected parties to make a considered decision,” said Richard Ferguson, one of the business rescue practitioners.

 

Discussions with various funders began earlier this month and a non-binding expression of interest was received on 21 June. The practitioners have since been progressing negotiations so that substantial information about the offer can be included in the plan.

 

“There is no other reason for asking creditors for the extension. Funding is fundamental to this plan and we cannot reasonably expect affected parties to vote on it until we have a binding offer,” said Ferguson.

 

The creditors today (30 June) agreed to extend the date for the publication of the plan until 28 July 2020.

 

 

Other Stories
Advertisement
Latest News

TATV - Newsround Feb 4: Bahrain's boost, Nigeria's plans and Dubai's training magic

The first TATV Newsround programme brings an overview of the main talking points in the news from the aviation, defence and aerospace industry in the emerging markets of the Middle East, Africa and South Asia.

Nigeria's Allied Air receives first converted 737 for vaccine deliveries.

West Africa’s biggest cargo airline, Allied Air, has taken delivery of its first Boeing 737-800 converted freighter. The aircraft is the first for airlines in Africa and the freighter -MSN 36846- is the youngest 737-800 in the world that

Zambia banks on a long-term strategy

Keith Mwanalushi assesses the airline scene in Zambia, looking at latest developments and the challenges of the past year.

The airline industry is expected to remain cash negative throughout 2021

The International Air Transport Association (IATA) has released new analysis showing that the airline industry is expected to remain cash negative throughout 2021.

Kenya Airways launches economy max seat-blocker

Kenya Airways has unveiled, Economy Max, a product that allows customers to create additional personal space by booking a seat or a row next to them.

Embraer’s Phenom 300 becomes world’s best-selling light jet

For the ninth consecutive year, Embraer’s Phenom 300 series has become the world’s best-selling light jet according to numbers released today by the General Aviation Manufacturers Association (GAMA).

Aviation Africa 2021 SKNN
See us at
Aviation MENA 2021Aviation Africa 2021 BTNNWDS BT1202090322DAS21_BT