Some of Kenya Airways’ #ticker:KQ lenders have moved to court to block orders that will compel them to accept the planned conversion of the billions of shillings the airline owes them into stakes in the ailing business.
KQ has proposed that the 11 banks and the Treasury convert outstanding and unsecured loans amounting to Sh23 billion and Sh27.2 billion respectively into equity, a plan that is expected to precipitate massive dilution of existing shareholders.
