May 19, 2020 / 12:06 PM / 18 days ago

'Reasonable prospects' South Africa's Comair can be saved - administrators

JOHANNESBURG, May 19 (Reuters) - Administrators in charge of South African aviation company Comair believe there are “reasonable prospects” of saving the company, it said on Tuesday, after filing for a form of bankruptcy protection earlier this month.

Comair has assets of 7.4 billion rand ($407.1 million) on its balance sheet compared to 5.5 billion rand 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.

$1 = 18.1767 rand Reporting by Alexander Winning Editing by Nqobile Dludla

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