Kenya Airways to call for yet another gov't bailout

Kenya Airways needs continued government support as it remains in a “precarious financial position” with recovery to pre-COVID levels unlikely before 2024 given delayed vaccinations in Africa, says CE Allan Kilavuka. Briefing investors online on the airline's half-year results ending June 2021, he said: “Definitely, the company needs financial support, and this is not a secret. We still need financial support from our principals or elsewhere. We are in a negative equity position, which means we are insolvent as an organisation, obviously made worse by the pandemic,” reports Kenya’s Business Daily. Kilavuka did not specify the amount needed. Kenya Airways’ liabilities reportedly outstripped its assets by US$672.3 by June 30, 2021, compared with US$583.5m at the same time last year. The airline last year borrowed US$100m from the state after it was grounded due to the pandemic.<br/>