National carrier Kenya Airways #ticker:KQ has moved to court seeking orders compelling a group of banks to accept the planned conversion of the billions of shillings the airline owes them into substantial stakes in the ailing business.
KQ, as the airline is popularly known, is seeking to activate a clause in the Companies Act that allows distressed companies to make “compromise” financial arrangements with the same class of creditors if 75 per cent of them approve of the proposal.
