The proposed business rescue plan for private-sector airline group Comair was approved by a decisive majority on Friday. Comair operates the British Airways in South Africa and Kulula low cost carrier brands. The preferred investment consortium for the group is composed of several former members of the Comair board and executive management. This consortium will inject new equity of R500-million into the group and receive 99% of its shareholding in return (after the business rescue plan’s suspensive conditions have been met). Up to 15% of the shareholding will be transferred to an appropriate broad-based black economic empowerment partner within 12 months.
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