Comair delists to access government-backed financing
South African carrier Comair is delisting from the Johannesburg stock exchange in a move which will allow it to access government-backed financial support. In an update, the airline’s administrators say it can now apply for funding in the sum of R100m ($6.9mi) under a Covid-19 loan guarantee scheme put in place by the South African Reserve Bank and private commercial banks. Such funding is a “fundamental element” of its debt restructuring, say the administrators. Comair is seeking to put in place a total of R600m of new debt under its business plan published in September 2020. It had entered restructuring in May. A consortium comprised of seven individuals plus an investment vehicle, Luthier Capital, is seeking to take full control of the airline, which resumed flights in December. Comair operates the Kulula low-cost brand and as a British Airways franchisee.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-04-08/unaligned/comair-delists-to-access-government-backed-financing
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Comair delists to access government-backed financing
South African carrier Comair is delisting from the Johannesburg stock exchange in a move which will allow it to access government-backed financial support. In an update, the airline’s administrators say it can now apply for funding in the sum of R100m ($6.9mi) under a Covid-19 loan guarantee scheme put in place by the South African Reserve Bank and private commercial banks. Such funding is a “fundamental element” of its debt restructuring, say the administrators. Comair is seeking to put in place a total of R600m of new debt under its business plan published in September 2020. It had entered restructuring in May. A consortium comprised of seven individuals plus an investment vehicle, Luthier Capital, is seeking to take full control of the airline, which resumed flights in December. Comair operates the Kulula low-cost brand and as a British Airways franchisee.<br/>
