South Africa's Comair Needs $72 Million and to Cut 400 Jobs, Administrators Say

South Africa’s Comair Ltd will require up to 1.2 billion rand ($72 million) of funding and will have to cut a fifth of its workforce to restart operations, administrators in charge of restructuring the private airline said, Reuters reported. The airline, which has been under a form of bankruptcy protection since May, will be able to start operations in December if a business rescue plan presented late Wednesday is approved, they said. The plan, which had been delayed by over two months, will see a group of investors injecting up to 500 million rand of equity, giving them 99% ownership of the company. Creditors will also have to provide new debt funding of up to 600 million rand, along with another 100 million rand debt from insurer Discovery Ltd. Read more