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It was only two short years ago that Comair, the privately owned South African airline, chalked up its 73rd year of uninterrupted profitability – an achievement without parallel in the airline industry.
To say that the company fell from grace in 2020 would be a dramatic understatement.
Already on-track for its first ever annual loss, Comair unexpectedly ran out of cash in May and collapsed into bankruptcy protection. Its return to the skies in December was only possible after shareholders agreed to write off 99% of their equity in the insolvent airline.
For chief executive Glenn Orsmond, there must have been a temptation to blame everything on covid-19...
