South Africa's Comair Moves Closer to New Ownership Under R500 Million Rescue Deal
South Africa's largest domestic airline, Comair, is advancing its business rescue plan with a preferred bid from the Global Aviation and Sycamore Consortium. The proposed acquisition involves a total investment of R500 million to recapitalize the airline, which operates British Airways and Kulula.com brands locally. This funding includes an initial R100 million for working capital and an additional R400 million secured as fresh equity. The airline has been grounded since the national lockdown began in March due to the COVID-19 pandemic. The finalization of the deal is now contingent upon approval from the airline's creditors.
Official Source: https://africa.businessinsider.com/local/markets/south-africas-largest-domestic-airline-moves-closer-to-new-ownership-under-a-dollar3/28egjzz
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