June 23, 2020 / 3:22 PM / 13 days ago

UPDATE 1-S.Africa's Comair administrators to present restructuring plan by June 30

* Administrators said received cash offer for airline

* Offer in form of debt, equity and future funding

* Airline went into bankruptcy protection in May (Adds creditors response)

JOHANNESBURG, June 23 (Reuters) - Administrators in charge of South African airline Comair said on Tuesday they have been given an extension to June 30 to submit a restructuring plan for the carrier.

Earlier in the day the administrators said they had received a cash offer for the carrier from a company they did not name.

The administrators, who had been expected to present a restructuring plan for the airline on Tuesday, asked creditors for another week - until June 30 - to finalise the cash offer before presenting the plan.

Comair had to file for business rescue, a form of bankruptcy protection, in May after a nationwide lockdown to curb the spread of coronavirus forced airlines to suspend all commercial flights. It said last month it was unable to meet its debt obligations as it was not generating any cash.

The administrators said in a statement that they have “received a non-binding expression of interest for cash funding in the form of debt, equity and post-commencement funding”.

“The practitioners (administrators) require that this interested group make a binding offer, that can be set out with reasonably sufficient detail in the business rescue plan,” the statement added.

Comair, which operates the local British Airways franchise and budget airline kulula.com, has debt of 3.4 billion rand ($197 million) and a fleet of 27 aircraft, of which 16 are owned, according to its annual report published last year.

$1 = 17.2386 rand Reporting by Promit Mukherjee; Editing by Susan Fenton and Barbara Lewis

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below