Kulula.com shareholders to be briefed by rescue practitioners

Shareholders of Comair are set to consult with its rescue practitioners.


Shareholders of Comair are set to consult with its rescue practitioners.

Shareholders of JSE-listed Comair are set to have an online consultation on Thursday 27 August.

Comair owns low-cost airline Kulula.com and operates British Airways domestically as part of a licence agreement. It went into business rescue in May this year after all its flights had to be grounded at the end of March due to the national coronavirus lockdown. It has not restarted flights yet.

According to a notice issued on the JSE Stock Exchange News Service on Tuesday, the agenda will include an overview of the company’s financial position and an update on the business rescue process to date. Key features of the rescue plan, which is yet to be submitted, will also be discussed.

At the end of July this year, Comair’s creditors granted the rescue practitioners yet another extension for submitting a proposed rescue plan. The date set to do so is Friday 28 August.

The rescue practitioners wanted an extension to try to obtain short-term bridging funding, and also look into two offers from potential investors.

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