After reporting loses for three straight years, Kenya Airways has now appointed PJT Partners, an American firm, as its transaction advisor on its balance sheet restructure and long term capital refinancing.
This is part of its turnaround strategy in the ongoing restructuring to reap in fortunes.
In a statement published on their official website, Kenya Airways chief executive Mbuvi Ngunze said; “PJT Partners is a leading international investment banking firm with strategic airline advisory expertise necessary to counsel on Kenya Airway’s balance sheet restructure as well as capital raising. Their main business lines are on strategic advisory, restructuring as well as fund placement services."
This latest move is aimed at helping to seek approximately Sh60 billion in long-term capital refinancing.
“We are at a stage where our Turnaround Strategy is beginning to gain traction. Over the next six to nine months, we will work with PJT Partners and they will be instrumental in assisting the airline secure its future beyond the turnaround. The Board is confident that they are the right choice,” Mr Ngunze added.
PJT Partners and EMEA Restructuring head Martin Gudgeon said; “We look forward to helping Kenya Airways reshape and recapitalise its balance sheet to ensure the company’s full potential is realised.”