The struggling Kulula operator’s business rescue plan proposes cutting the workforce by almost a fifth
A Kulula aircraft operated by Comair. Picture: SUNDAY TIMES
According to the plan published on Wednesday, a consortium of investors would inject R500m into the group in return for a 99% shareholding. The group intends to reduce staff to 1,800 from 2,200 previously. Additional funding from lenders of R1.4bn is required to successfully implement the adopted plan, including R600m in net new debt, while R800m of existing debt would be deferred.
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