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The aircraft will be based in Johannesburg at OR Tambo International Airport and will complement CemAir’s existing fleet of 22 regional jets and turboprops deployed on domestic and regional routes that service popular tourist destinations and important commercial centres. The lessor worked closely with dedicated regional aircraft remarketing agent, Airstream International, to finalise the lease agreements with CemAir. The aircraft remain funded by TrueNoord’s term loan warehouse facility with NORD/LB, Morgan Stanley, ABSA and Barclays. Following transition from its previous lessee, the first aircraft in CemAir’s livery was integrated into the fleet in April, the second will be delivered in May. Specialist regional aircraft lessor TrueNoord has remarketed two YoM 2016 Bombardier CRJ900 ER NextGen aircraft (MSN15398 and MSN 15400) to South African operator CemAir (Pty) Ltd who have signed long-term operating leases for both regional jets. Ferguson said that the company’s employees and customers who held bookings or were owed refunds will now become creditors of the Company.
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Comair’s BRPs continued the process to secure additional funding from other sources but despite several parties expressing interest, they were unable to secure sufficient substantive commitment. Regrettably when this funding could not be secured before the existing funding was exhausted, scheduled flight operations were suspended on. In the circumstances, the BRPs approached other lenders to raise the funding required. The BRPs ongoing requests to the CRC to provide a plan to raise the further funding necessary to absorb the balance of these and other future potential economic shocks were not successful. The CRC were only able to finance the impact of these events up to a certain point. Each of these events had a material negative impact on the business. It is an extremely sad day for the company, its employees, its customers and South African aviation.”Īfter entering business rescue, Comair was able to start flying again when the Comair Rescue Consortium (CRC) invested R500m for a 99% share of the equity in the company at the time. Although the amounts indicated by the business rescue plan were invested, the unfortunately the company faced unforeseen headwinds including three further COVID-related air travel lockdowns inter alia the ‘Red Listing’ of South Africa by certain European countries, notably the United Kingdom, the suspension of the Company’s AOC in March 2022 by the regulator as well as significantly high fuel prices experienced in the past five months.
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“We did our utmost to secure the funding, but when we were unable to do so had no option to lodge the application. Unfortunately, though, despite their best efforts the BRPs had been unable to secure the capital required for the airline to recommence operations. One of the BRPs, Richard Ferguson, says with its two airline brands – British Airways (operated by Comair and ), market share, modern aircraft fleet, experienced employees, sales and distributions channels Comair was an inherently viable business. "Mr Bramwell Barnes thank you for your help, your effort, your understanding and mostly thank you for being the manager you are, and if ever the world gets you down think of this, you Mr are a winner, you have helped me and ensured that you gave me your best i would even say your all, THANK YOU!"On 9 June Comair’s business rescue practitioners lodged a court application to convert the business rescue proceedings into liquidation proceedings. I must inform you that Mr Bramwell Barnes is one of your top agents, apart from being able to listen, understand and take action, he has managed to keep me from completely going on a rampage via social media against your company.ġ) Mr B Barnes has not only helped me deal with non compliance but also helped me resolve an issue with your 3rd party installer XXXXXXXXX who never kept to their commitments.Ģ) Mr B Barnes kept to his word of making contact as and when he said he would.ģ) Mr B Barnes also ran around asking the questions that we customers can ask the people that interface with your team or even extended team.Ĥ) Mr B Barnes has gone over and above what he needed to as a Team Manager