Comair’s business rescue practitioners (BRPs), Shaun Collyer and Richard Ferguson, have asked creditors to extend the publication date for their business rescue plan to June 30.
Earlier this month Tourism Update reported that the BRPs would publish Comair’s business rescue plan by today (June 23). This was an extension from the original date of June 9.
The BRPs confirmed earlier this month that they were in discussions with funders to recapitalise the airline and resume domestic passenger operations by November 1. Over 30 potential funders had been contacted and six were progressing discussions.
Now that an expression of interest in cash funding has been received, a due diligence investigation and further negotiations will take place. The practitioners require a binding offer to be made so that sufficient details of this can be included in the business rescue plan.