Top commercial banks will convert Sh19.3 billion ($149.9 million) worth of loans advanced to Kenya Airways (KQ) into Treasury bonds after the deadline for clearing the debt lapsed, as part of a restructuring to nurse the ailing airline back to financial health.
The 10 banks, including Equity Bank, KCB Group and Cooperative Bank, that own 38.1 percent of the airline have been offered a 6.5-year bond for an undisclosed interest rate, according to a Treasury document seen by the Business Daily.
