South African private airline British Airways/ComAir has secured short-term bridging finance that will see the airline meet the limited operational overheads and allow the business rescue process to continue.
Chief Executive Officer of the airline, Wrenelle Stander, said in a communication bulletin to staff seen by Just African Aviation “I am really pleased to let you know that short-term bridging finance has finally been secured to ensure that Comair is able to meet the limited operational overheads and for the business rescue process to continue”.
Stander added: “The focus will now shift to the assessment of the two offers submitted by the potential investors. This assessment will inform the publication of the business rescue plan, now scheduled to be published on 28 August 2020.”
The airline has been under administration since the second quarter of 2020 and currently has two offers submitted by the potential investors.
More to follow……..
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