May
23
Uchumi Creditors to Convert Kenya Supermarket’s Debt Into Equity
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Supermarket chain was in receivership for 4 years until 2010
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Company seeking 1.2 billion-shilling government loan
Suppliers of Uchumi Supermarkets Ltd. agreed to resume stocking Kenya’s only publicly traded retailer as the company’s biggest shareholder said it would ensure they received payment.
The 40-year-old company that was placed into receivership in 2006, from which it emerged in 2010, owes creditors including Nairobi-based lender KCB Group Ltd. a total of 3.6 billion shillings ($35.8 million). Over the past year, the company has closed down almost half its stores to cut costs and conserve cash…
Uchumi Creditors to Convert Kenya Supermarket’s Debt Into Equity
