Kenya Airways: Sessional Paper on Debt Restructuring
On December 7, 1994, the Kenyan Minister of Finance moved in Parliament
a sessional paper seeking Parliamentary approval for the Kenya Airways
debt restructuring. While some members of Parliament supported the
paper, others strongly opposed it. Parliament adjourned without approving
the paper. The government maintained that it was not legally bound
to seek Parliamentary approval for the debt restructuring, but was doing
so in order to be clear and open about the debt restructuring plan.