For the Comair Business Rescue Plan to be adopted, a number of suspensive conditions need to be fulfilled. While the airline overcame the first major suspensive hurdle last week – when employees and unions voted in favour of the amended employment terms and conditions that the business rescue plan outlined – the next hurdle to overcome is approval from the banks for the refinancing of the airline.
While the initial deadline for the financing was set for this week, a spokesperson from Comair confirmed to Travel News today that the banks had required an extension before their decision could be announced. Should financing not be obtained, the airline will be liquidated.
This is a developing story. Travel News will update readers as soon as further information is made available.
