Comair has announced it is closer to taking to the skies as investors have secured the required credit approval.
Comair’s business rescue process this week announced two major milestones for the airline.
Among the suspensive conditions in the Comair business rescue plan are the requirements to reach a collective agreement with trade unions representing staff and for the investors to secure credit approval from various commercial lenders for new debt funding.
The airline says it expects the business rescue process to be concluded by 31 March 2021, after which Comair will continue to operate as a sustainable business.
In May, Comair announced that it would go into business rescue:
In the video below, the National Union for Metalworkers of South Africa reacts to Comair’s business rescue:
