South Africa:'s Business Rescue Practitioners Ask for New Delay to Publish Plan

Comair's business rescue practitioners have asked for another extension to deliver the airline's business rescue plan, this time pushing the date to 28 July.

The practitioners say that because of a "non-binding expression of interest" they received from a group that might be interested in providing cash funding for the owner of and British Airways in SA, they need more time.

The group's creditors now have to say whether or not they agree to the extension.

The offer of interest was received on the evening of Sunday, June 21. The BRPs say they are still considering certain legal complexities of the offer and how it could affect the outcome of the business plan.

"Until such time as these legal complexities are clarified and resolved with the interested group, the practitioners are unable to publish a business rescue plan that will contain all the information reasonably required to facilitate affected persons deciding whether or not to accept or reject a plan," they said in a statement on Tuesday.

Comair went into voluntary business rescue on 5 May 2020, and Shaun Collyer and Richard Ferguson were later appointed as the company's joint business rescue practitioners.

They were supposed to publish the airline's business rescue plan within 25 business days of their appointment on 9 June. But they asked for an extension to 23 June and later to 30 June 2020 when this "non-binding expression of interest" offer came in.

Source: Fin24

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