Creditors will vote on proposals by the firm’s administrators on the way forward next Tuesday
The fashion retailer’s creditors include NIC Bank which was owed Sh524.8 million as of December 2017 while loans from UBA Kenya Bank stood at Sh98.3 million.
The capital markets regulator has extended a trading freeze on troubled fashion retailer Deacons for another 10 days from Friday pending the outcome of a creditors meeting set for next Tuesday.
The Capital Markets Authority (CMA) initially suspended the firm’s shares from trading on the Nairobi Securities Exchange (NSE) #ticker:NSE for 40 days from November 19 last year after it was placed under administration for failure to honour loan obligations.
“Notice is hereby given on the extension of suspension from trading Deacons EA Plc shares following the appointment of Joint Administrators by the Board of the company to run its business in accordance with the insolvency act of No. 18 of 2015,” the NSE said in a statement on Thursday.
“The extension of suspension from trading the company’s shares is for a further 10 working days with effect from January 18, 2019.”
Deacons #ticker:DCON had loans of Sh351.6 million maturing last year when it continued to register lower sales and larger losses attributable to various factors including loss of franchises.
The fashion retailer’s creditors include NIC Bank which was owed Sh524.8 million as of December 2017 while loans from UBA Kenya Bank stood at Sh98.3 million.
The creditors will vote on proposals by the firm’s administrators on the way forward during the Tuesday’s meeting.
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