The airline, which has been in business rescue since 2020, says its business rescue practitioners have ensured that they are in the process of obtaining the necessary capital and "there is reason to believe that such financing can be secured".
Meanwhile, all ticket sales for British Airways and Kulula.com flights have been suspended for the time being.
"Once confirmation has been received, the airline will be able to resume operations, but unfortunately the practitioners in these circumstances have no choice but to voluntarily suspend all scheduled flights until funding is confirmed," said Comair CEO Glenn Orsmond , assured.
Orsmond further said the airline did everything possible to prevent the suspension of flights and apologized for the inconvenience.
However, he maintains that Comair is inherently a viable business.
"We have two of the best airline brands in the country. We are on track to transport more than 4 million passengers this year and generate R5.3 billion in revenue. We have excellent staff, a modern fleet, good sales and distribution channels and low operating costs, and therefore we believe the financing will be confirmed. ”
Comair's flights were also suspended for a while earlier this year after the Civil Aviation Authority suspended the airline's aviation operating certificate following an investigation into a spate of safety incidents at the airline group.
However, Comair's aviation operating certificate was reissued shortly afterwards after a thorough review of Comair's documents.
Thank you Maroela Media for this interesting article.
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This is the amount that will be distributed amongst the current shareholders.
Current Share Holders
89/500,000