Kenya’s largest supermarket Nakumatt files for bankruptcy protection
Nairobi — Nakumatt Holdings, East Africa’s largest retailer, is seeking a court order to enter administration as part of a plan to revive its debt-laden business. The Kenyan company will go to court on November 8 for a hearing on the application, which proposes that "business-turnaround professional" Peter Kahi of PKF Consulting be appointed as administrator, according to a statement e-mailed on Monday from the capital, Nairobi. Nakumatt is "optimistic" that the order will be granted, as it will enable the company to continue as a going concern, it said. "The order will enable Nakumatt to achieve a better outcome for its creditors as a whole than would likely be the case if the company were liquidated," according to the statement. Nakumatt has been struggling to pay suppliers and owes at least 30-billion shillings ($289m) to creditors including KCB Group, Kenya’s largest lender, along with Standard Chartered Bank Kenya and Diamond Trust Bank Kenya. The debts, which include commercia...
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