Administrators in charge of South African aviation company Comair believe there are “reasonable prospects” of saving the company, it said on Tuesday (May 19th), after filing for a form of bankruptcy protection earlier this month.
Comair has assets of ZAR 7.4B (US$407.1M) on its balance sheet compared to ZAR 5.5B of liabilities and is not factually insolvent, the company said in a statement. The administrators will probably publish a business rescue plan on June 9.
Source: Reuters
