South Africa: Comair enters business rescue! [update]

update (29 August 2020): Comair's business rescue practitioners have asked for an extension until 02 September 2020 for the publication of the business rescue plan.

update (27 August 2020): According to news reports, Comair has received a R1.5bn (€75m) business rescue offer. The chosen offer from an as-yet-unnamed consortium will see the airline resume operations on 01 December 2020, the return of its former management team under former joint CEO Glenn Orsmond and the delisting of the company from the Johannesburg Stock Exchange (JSE). We'll keep you posted!

update (11 August 2020): Comair has managed to secure R40m in short-term bridging finance that will enable it to meet its limited operational overheads and allow its business rescue process to continue.

update (20 May 2020): According to the business rescue practitioners of Comair, Shaun Collyer and Richard Ferguson, there's a reasonable prospect for the airline to be saved as its assets exceed its liabilities. The business rescue plan will probably be published on 09 June 2020 and the vote to approve the final plan is expected on 24 June 2020.

update (11 May 2020): Comair remains hopeful that operations will resume at or about 01 November 2020.

Comair, which operates scheduled services on domestic routes in South Africa as a British Airways franchisee and also operates as a low-cost carrier under its own kulula.com brand, just announced that it enters business rescue - South Africa's bankruptcy protection process - to safeguard the interests of the company and its stakeholders after the coronavirus pandemic disrupted the implementation of a turnaround plan. According to CEO of Comair, Wrenelle Stander, the company is facing an unprecedented situation following the nationwide lockdown in South Africa. Shaun Collyer and Richard Ferguson have been appointed as the joint business rescue practitioners with effect from 05 May 2020. Comair was granted approval to suspend the trading of its shares on the Johannesburg Stock Exchange (JSE) with immediate effect. 
In terms of the lockdown in South Africa Comair was required to stop flying on 26 March 2020 and has not operated any passenger services since. Customers with existing bookings will be able to rebook flights within 12 months of their departure date. There will be no charge for any changes made before 01 November 2020. We'll keep you posted!