National carrier Kenya Airways has prepared a delicate recovery plan that will see 11 commercial banks it owes Sh22.8 billion jointly replace Dutch airline KLM as the second largest shareholder after the National Treasury.
Kenya Airways, which is popularly known as KQ, says in a circular sent to shareholders ahead of a special general meeting that the lenders, including Equity #ticker:EQTY, KCB Group #ticker:KCB and Co-operative Bank #ticker:COOP have formed a special purpose vehicle — the KQ Lenders Company Limited — through which they will own 35.7 per cent of the national carrier.
