Kulula founder and hotel disrupter, Gidon Novick is setting his eye back onto the aviation industry as he hopes to launch a new low-cost domestic airline in South Africa. This is amid the chaotic global aviation industry and South Africa’s depressed airline market. Joining CNBC Africa for more is Gidon Novick, Founder of Kulula and the Former CEO of Comair.
This week Comair become the latest victim of Covid-19 lock-down's with the airline filing for business rescue hot off the heels of South African retailer Edcon.
Covid-19 has clipped the wings of the global aviation industry with Comair the latest airline to announce that it would enter business rescue. International aviation and tourism bodies are now calling for urgent relief of $10 billion as well as other support measures to revive Africa’s travel and tourism sector and prevent millions from losing their jobs. The International Air Transport Association (IATA) Director General, Alexandre de Juniac joins CNBC Africa for more.
JSE-listed airline, Comair, has announced the group will enter business rescue to safeguard the interests of the company and its stakeholders after the COVID-19 crisis disrupted the implementation of a turnaround plan.
President Cyril Ramaphosa announced the 21-day lockdown in an address to the nation on Monday, saying Africa’s most advanced economy needed to escalate its response to curb the spread of the outbreak.
JSE-listed airline operator Comair has reported a R555 million half-year net loss. The company is facing tough skies ahead as it looks to claim compensation from Boeing for the grounding of the Boeing 737 MAX 8 as well pursuing to claim the full outstanding amount owed by SAA whilst implementing cost cutting measure. Comair CEO, Wrenelle Stander joins CNBC Africa for more.
Comair’s revenue increased by 9 per cent to R7.1 billion in the year to-end June mainly attributed by R1.27 billion settlement it received from SAA. The company also saw a 16 per cent increase in operating expenses to R6.26 billion. Joining CNBC Africa for more is Wrenelle Stander, Joint CEO, Comair Limited.
There have been quite a few board changes in corporate South Africa in the last few hours in everything from mining to airlines. CNBC Africa's Chris Bishop filed this special report.
12Page 1 of 2