South Africa’s Comair Enters Business Rescue Process | Aviation International News

South Africa’s Comair Enters Business Rescue Process

Comair said it aims to restructure itself as a sustainable business.

By Gregory Polek • Senior Editor

May 5, 2020

South African airline Comair said on Tuesday it would enter business rescue—the South African equivalent of a U.S.-style bankruptcy process—to safeguard the interests of the company and its stakeholders after the Covid-19 crisis disrupted an existing turnaround plan. The company, which reported a loss of 564 million South African rand ($30.1 million) during the first half of its 2020 fiscal year, stopped flying on March 26 in response to a nationwide lockdown and expects to remain grounded until at least October.

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