'Reasonable prospects' South Africa's Comair can be saved - administrators

Administrators in charge of South African aviation company Comair believe there are "reasonable prospects" of saving the company, it said on Tuesday, after filing for a form of bankruptcy protection earlier this month.

Comair has assets of 7.4 billion rands ($407.1 million) on its balance sheet compared to 5.5 billion rands of liabilities and is not factually insolvent, the company said in a statement. The administrators will probably publish a business rescue plan on June 9.

($1 = 18.1767 rand)