Comair has announced its intention to halve its fleet of aircraft as part of efforts to rescue the company.
Comair, which operates the local British Airways franchise and budget airline Kulula.com, filed for business rescue last month, after restrictions aimed at curbing the spread of the coronavirus forced airlines to stop flying.
The Business Rescue Practitioners had said there was a chance that Comair could be saved but have told creditors and employee representatives that the company is unlikely to start operating again before November this year. The practitioners say the airline requires a substantial cash injection to resume operations.
Comair goes into business rescue
Comair in a race to secure funding in order to resume operations
The airline says the cash is needed to secure fuel suppliers and cover other costs.
The business rescue practitioners are in discussions with funders to recapitalise the airline in order to resume domestic passenger operations by 1 November.
More than 30 potential funders had been contacted and six are progressing with further discussions.
The company had already reported a half-year loss of R564 million. Airlines are only expected to resume full domestic operations when Level 2 of the national lockdown goes into effect.
Additional reporting by Amina Accram
