Tag: Closer

Comair closer to take-off as creditors adopt business rescue plan

By Sizwe Dlamini Time of article published1h ago

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JOHANNESBURG – Comair on Friday passed another significant waypoint en route to returning to the skies when the vast majority of creditors and shareholders voted to adopt the business rescue plan.

The company said on Friday that in terms of the business rescue plan the preferred investment consortium, comprising a number of former Comair board members and executives, would invest fresh equity of R500 million in return for a 99 percent shareholding once the suspensive conditions set out the business rescue plan had been met.

It said Up to 15 percent of this would be allocated to a suitable broad-based black economic empowerment (BBBEE) partner within 12 months.

“During the next two months R100 million of this will be paid in two equal tranches as secured post-commencement finance. Additional funding from lenders of R1.4 billion

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New EU Climate Plan Brings End of the Combustion Engine Closer

(Bloomberg) —

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The European Union’s executive will unveil an ambitious emissions-cut plan this week that’ll leave no sector of the economy untouched, forcing wholesale lifestyle changes and stricter standards for industries.

Under a tighter climate target for 2030, European automakers would need to embrace tougher pollution standards, with new rules that could retire combustion engines to science museums. Energy will grow increasingly cleaner, with an additional 350 billion euros ($415 billion) per year required for investment in production and infrastructure. And to help cut greenhouse gases in agriculture, Europeans would be encouraged to eat less meat.

If approved, the new goal to lower emissions in the bloc by 55% from 1990 levels will require buildings to be more energy-efficient, according to a draft European Commission document seen by Bloomberg News. The cost of pollution for companies, already near record highs, is set to rise, as the EU carbon

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