Wed, 28 Oct 2020

Comair rescue plan approved, but over R1bn needed

News24
19 Sep 2020, 04:10 GMT+10

| Comair to restructure, cut jobs

Turnaround plan

The turnaround plan will focus on reducing operating costs and growing ancillary revenue. This will see the current workforce reduced from about 2 200 employees to 1 800 through voluntary retrenchment and early retirement programmes, as well as the Section 189 retrenchment process that began prior to business rescue continuing.

The Comair Rescue Consortium includes former Comair Board members Martin Moritz, Rodney Sacks and Piet van Hoven as well as other high-net worth individuals like Hilton Schlosberg and Steven Herring as well as Luthier Capital. Moritz, Sacks and Van Hoven have over forty years' experience each, serving in various board and executive capacities at Comair.

The management team will include former Comair executives, including Glenn Orsmond, Kirsten King, Brian Kitchin, Reshika Singh, Iain Meaker and Gabriel Moritz.

The intention is to retain the 25 aircraft fleet, including two Boeing Max aircraft and to grow the business domestically and regionally while minimising staff retrenchments and ruthlessly cutting overheads and improving efficiencies.

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