Comair, which has reported a R555m half-year net loss, says it will claim compensation from Boeing for grounding an aircraft of a type involved in deadly crashes. This is in addition to pursuing SAA for not paying a settlement amount owed to it.
Higher operation and maintenance costs and the grounding of its new Boeing 737 Max 8 aircraft also contributed to the losses. As much as R450m of the losses was attributable to the increase in the loss allowance on its legal damages claim against SAA. An initial payment of R389m was made on February 28 2019, with the balance payable in regular instalments until July 28 2022.
Comair said it will claim compensation from Boeing for the grounding of the aircraft, pursue the full outstanding settlement owed by SAA and divest from nonperforming investments.
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