Some commercial banks that national carrier Kenya Airways #ticker:KQ owes billions of shillings are holding out against the just-released rescue plan, putting the deal that offers the lenders a substantial stake in the airline at the risk of collapse.
The Nairobi Securities Exchange-listed firm has proposed far-reaching turnaround measures that, among other things, imposes major losses on shareholders and creditors, including local banks it owes a total of Sh23 billion.