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Bus bodies builder Labh Singh falls as Sh1bn KCB loan bites
Assembling of a bus goes on at a assembly plant in Miritini, Mombasa County on June 29, 2022. LSHS joins a growing number of companies that have gone into administration in recent months over financial upheaval.
Kenya’s oldest and one of the largest truck, coach and bus body builders, Labh Singh Harnam Singh Limited (LSHS), has been placed under administration over a Sh1 billion bank debt, joining a growing chain of corporates that have suffered a similar fate in a tough economy.
Administration is a process through which a third party - an administrator - is appointed to take over the affairs of a company in distress to improve its financial situation for the benefit of its creditors or auction its assets as a last resort to protect the interest of creditors.
