Kenya Airways edges closer to turnaround
Kenya Airways is about to conclude its capital restructuring, its chairman said Wednesday, edging closer to putting past financial woes behind it. The airline sank into the red 4 years ago after tourism slumped following a spate of attacks in Kenya by militants from the Somalia-based al Shabaab Islamist group. Last year the carrier had negative equity of E$339m and the business was sustained by shareholder loans. Its financial predicament caused delays in paying staff, industrial action and the ousting of CE Mbuvi Ngunze, who is being replaced by Sebastian Mikosz, a Polish national who has prior experience of turning around an ailing airline. “We are heading towards a conclusion on the capital-restructuring. We hope now that we will conclude this end of June, middle of July,” Michael Joseph, the airline’s chairman, said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-05-11/sky/kenya-airways-edges-closer-to-turnaround
https://portal.staralliance.com/cms/logo.png
Kenya Airways edges closer to turnaround
Kenya Airways is about to conclude its capital restructuring, its chairman said Wednesday, edging closer to putting past financial woes behind it. The airline sank into the red 4 years ago after tourism slumped following a spate of attacks in Kenya by militants from the Somalia-based al Shabaab Islamist group. Last year the carrier had negative equity of E$339m and the business was sustained by shareholder loans. Its financial predicament caused delays in paying staff, industrial action and the ousting of CE Mbuvi Ngunze, who is being replaced by Sebastian Mikosz, a Polish national who has prior experience of turning around an ailing airline. “We are heading towards a conclusion on the capital-restructuring. We hope now that we will conclude this end of June, middle of July,” Michael Joseph, the airline’s chairman, said. <br/>
