Former Kenya Airways CEO during an investors briefing on October 27, 2017. [PHOTO/The Star]
Kenya Airways is headed for a positive future after finishing the restructuring of $2 billion (Sh207.5 billion) of debt.
While revealing the developments of Wednesday, the carrier said this was a key part of its plan to turn around back to glory after recording heavy losses.
KQ top shareholder, the government, and local lenders converted most of their debts into shares and so helping to relieve the cash flow pressure earlier witnessed.
"This has been a $2 billion restructuring," said former CEO Mbuvi Ngunze.
Ngunze has been advising on the transaction since June this year.
"We will pay less now to allow us a bit of time to reshape the business to pay a bit more on the tail end," Ngunze said while referring to the debt restructuring.