Transportation
Kenya Airways Seeks to Raise as Much as $1.5 Billion Capital
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KQ has relied on the National Treasury in the past to repay loans and for operational costs.
Photographer: Tony Karumba/AFP/Getty ImagesThis article is for subscribers only.
Kenya Airways Plc now seeks to raise as much as $1.5 billion in fresh capital in a restructuring process authorities say will revive the carrier and plug a drain on state resources.
KQ — as the airline is also known — has in the past relied on the National Treasury to repay loans and for operational costs. It didn’t receive direct government support in the past year, according to Chief Executive Officer Allan Kilavuka. Two years ago, the company estimated restructuring would cost $1 billion.