Kenya Airways: Scope of Debt Restructuring
The Kenyan government agreed to take over external debt contracted by Kenya
Airways prior to December 31, 1993. This debt, denominated in various
foreign currencies, amounted to KShs 4.6 billion or US$143.7 million.
In addition, the government agreed to convert into equity KShs 1.6
billion of advances that it had made to Kenya Airways. Kenya Airways
remained with approximately KShs 4 billion in debt arrears that it would
continue to service.