Comair business rescue practitioners evaluating offers from two consortiums

Comair (South Africa)'s business rescue practitioners (BRP) provided (28-Jul-2020) the following updates on business rescue proceedings:

• An interested consortium submitted an unsigned, non-binding expression of interest on 21-Jun-2020. However, as of 10-Jul-2020 the offer was declined by the main funding source's pre-credit committee;
• A second consortium submitted a signed, non-binding offer on 22-Jul-2020, which contains several material conditions to be satisfied prior to the offer becoming binding;
• A third consortium submitted a signed, binding offer on 23-Jul-2020, which also contains several material conditions to be satisfied;
• The BRPs are considering the two most recent offers. It may take significant time to evaluate the company's ability to fulfil the conditions of the offers and the willingness of Comair's financiers to participate with the consortiums;
• The BRPs are negotiating short term bridge funding, which Comair requires on an urgent basis to progress the offers and enable the company to meet its overheads and expenses;
• The BRPs are seeking consent from creditors to extend the publication date for the company's business rescue plan until 28-Aug-2020. [more - original PR]