Pan-African housing financier Shelter Afrique said on Tuesday it will seek permission from the holders of a bond it issued in 2013 to reschedule payments as part of a planned restructuring of a Sh13 billion debt it owes 10 development finance institutions and safeguard against a possible default.
The agency warned that failure to get the bond holders’ consent at a planned extra ordinary meeting in Nairobi would plunge it into deeper financial stress, effectively risking a default on repayments to noteholders that are due in September.
