Disgraced Comair in determined bid for liquidator to take management

Airline operator Comair has expressed an pressing want for a liquidator to take management of the corporate’s property.

CAPE TOWN – Airline operator Comair has expressed an pressing want for a liquidator to take management of the corporate’s property.

The excessive court docket in Johannesburg on Tuesday dominated in favour of Comair’s pressing court docket bid for it to be positioned in provisional liquidation.

In court docket papers the service cited a fleet valued at round R3.5 billion.

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Comair explains its monetary woes has rendered it unable to proceed funding the airline’s operational prices.

The corporate was positioned below enterprise rescue in Might 2020 as a part of efforts to resuscitate its struggling funds.

In an affidavit it outlined after it entered enterprise rescue, the airline was capable of begin flying once more when the Comair Rescue Consortium invested R500 million for a 99% fairness share within the firm on the time.

Nonetheless, the Omicron coronavirus variant in December final yr ushered in journey bans, significantly by the UK, which dealt a heavy blow to Comair’s flown income compared to its projected income.

Greater than R100 million was misplaced in beforehand booked flights that later needed to be cancelled.

The corporate says there seems to be no affordable prospect for it to rescued.

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