* Administrators said received cash offer for airline
* Offer in form of debt, equity and future funding
* Airline went into bankruptcy protection in May
(Adds creditors response)
JOHANNESBURG, June 23 (Reuters) - Administrators in charge
of South African airline Comair said on Tuesday they
have been given an extension to June 30 to submit a
restructuring plan for the carrier.
Earlier in the day the administrators said they had received
a cash offer for the carrier from a company they did not name.
The administrators, who had been expected to present a
restructuring plan for the airline on Tuesday, asked creditors
for another week - until June 30 - to finalise the cash offer
before presenting the plan.
Comair had to file for business rescue, a form of bankruptcy
protection, in May after a nationwide lockdown to curb the
spread of coronavirus forced airlines to suspend all commercial
flights. It said last month it was unable to meet its debt
obligations as it was not generating any cash.
The administrators said in a statement that they have
"received a non-binding expression of interest for cash funding
in the form of debt, equity and post-commencement funding".
"The practitioners (administrators) require that this
interested group make a binding offer, that can be set out with
reasonably sufficient detail in the business rescue plan," the
statement added.
Comair, which operates the local British Airways franchise
and budget airline kulula.com, has debt of 3.4 billion rand
($197 million) and a fleet of 27 aircraft, of which 16 are
owned, according to its annual report published last year.
($1 = 17.2386 rand)
(Reporting by Promit Mukherjee; Editing by Susan Fenton and
Barbara Lewis)