Four expressions of interest have been received by advisers to South African carrier Comair’s business rescue process.
The company’s rescue practitioners state that the adviser, Redford Capital, has received 19 signed confidentiality agreements having “engaged” with 47 parties since the process began.
Comair was placed under business rescue in May.
Redford Capital is communicating with providers of several “detailed” non-binding expressions of interest, add the practitioners.
The advisers are “working expeditiously” to advance these expressions towards a formal offer which could then be included in the business rescue plan.
Emergence of interest in the company has pushed back the publication deadline for the Comair rescue plan. This plan is due to be published on 28 July.
The practitioners have been seeking to increase their fee for dealing with Comair’s rescue, arguing that the regulated tariff has not been updated since 2011 and is “no longer market-related” for the specialist skill required for a company of Comair’s size and complexity.
Creditors have yet to agree this increase, and a scheduled 21 July meeting to vote on the proposal – which has stirred irritation from some unions – has been indefinitely postponed.
