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Managers at South Africa’s Comair said on Friday that they had received a binding offer from their preferred investors in the airline and, as a result, requested that the publication of their rescue plan be delayed until September 2.
“… The terms of this offer must now be incorporated into the business rescue plan,” they said in a Sens.
The airline requested that creditors opposing the extension request file written objections by August 31, 2020. If no objections are received, the creditors will be deemed to have approved the extension.
Comair has been under a business bailout since May. Section 150 (5) of the Companies Act requires that a business rescue plan be published within 25 business days after the appointment of professionals, “or for the longest period allowed by the holders of the majority of the voting interests of creditors.
The publication of its rescue plan has so far been delayed for more than two months. He was supposed to have published his rescue plan on Friday.
