Comair says it hopes to begin flying Kulula and British Airways again in December, on condition that its business rescue plan is accepted.
The plan was published on Wednesday and will allow creditors and shareholders until 18 September to consider the plan.
Comair has said that the plan follows negotiations which will see equity injection of R500 million in return for a 99% shareholding.
As part of the package, up to 15% of this shareholding will be allocated to a suitable BBBEE partner.
Around 400 employees will be without a job following the conclusion of a retrenchment and early retirement process.