in Business & Finance

Comair secures short-term financing

Posted 11 August 2020 · Add Comment

South Africa’s Comair, which operates a British Airways franchise and the Kulula Air has raised short-term financing to help the firm through the coming weeks.

 

Comair secures short-term financing with two offers on the table.  Image: Comair

According to internal communications seen by South Africa's Travel News, Comair chief executive Wrenelle Stander told staff that the USD2.27 million short-term bridge loan would allow Comair to meet its operational overheads and allow its business rescue process to continue,  reports ch-aviation.

 

BRPs Shaun Collyer and Richard Ferguson are due to conclude their reviews of two offers which were submitted on July 22 and July 23.

 

"The Practitioners are in the process of considering these latter two offers in order to understand if the parties will be able to fulfill the conditions contemplated in these offers, and if any one of these latter two offers provides a sustainable remedy to the Company's financial distress," the BRPs said in a stock market filing dated July 28.

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