Kenya to inject $176m into struggling national airline

Bloomberg

Kenya plans to inject 20 billion shillings ($176 million) of capital into the country’s cash-strapped national airline, which is battling to survive after years of losses and a mounting debt pile.
The funding, detailed in supplementary budget documents submitted to parliament, “is dependent on certain restructuring milestones,” Kenya Airways Plc Chairman Michael Joseph said by text message.
The capital injection emerged alongside a Bloomberg News report that Kenya Airways has selected financial advisers to help evaluate options to restructure its debt load, which totaled 92.5 billion shillings at the end of 2020. The government had been planning to nationalize the airline, already 48.9% state owned, before abandoning the plan last month.