Comair’s creditors have granted its business rescue practitioners an extension to publish the business rescue plan after an interested investor group requested more time to progress its offer.
“We’ve been clear from the outset that for this business rescue to succeed, funding will be required. We’ve made significant progress exploring an expression of interest and now the investor group needs to consider the legal complexities. It can then make a binding offer and we can include sufficient information in the plan for the affected parties to make a considered decision,” says Richard Ferguson, one of the business rescue practitioners.
A non-binding expression of interest was received on June 21, with negotiations progressing. “There is no other reason for asking creditors for the extension. Funding is fundamental to this plan and we cannot reasonably expect affected parties to vote on it until we have a binding offer,” says Richard.
The creditors agreed yesterday (June 30) to extend the date for the publication of the plan until July 28. This is the third extension given to BRPs.