• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Uchumi creditors back new debt plan : The Standard

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

Uchumi Supermarkets shares gained 6.9 per cent on Monday after suppliers agreed to a new debt repayment deal.

The creditors will now take a 70 per cent cut on the struggling retailer’s Sh3.6 billion debt on condition that they are represented in its decision-making team.
Banks, including KCB Group and UBA Bank, however, did not officially endorse the plan even as Uchumi goes back to court to stop creditors from winding it up over liquidity problems, rendering it technically insolvent.
The retailer has applied to have Owen Koimburi as the interim supervisor as per the Insolvency ACT 2015 to oversee the recovery plans while securing the interests of the creditors.
“Today marks an important milestone as our stakeholders have shown confidence in the Uchumi brand. The Company Voluntary Agreement (CVA) will now be taken to the court by the insolvency practitioner” said Uchumi Supermarkets Chief Executive Mohamed Mohamed.
Creditors appointed Kimani Rugendo as their representative.
The retailer is fighting to stay afloat after years of decline.
It was first saved during President Mwai Kibaki’s regime under turnaround plan spearheaded by then boss Jonathan Ciano.
It was subsequently delisted from the stocks exchange but got back into the bourse five years later after going into receivership.
In 2016, Uchumi was back in the doldrums after suppliers quit over unpaid stock, sending the retailer back into a tailspin.
It later turned to Julius Kipngetich, former Equity Bank Chief Operating Officer and Kenya Wildlife Service Director known for his turnaround acumen.
However, his efforts to turn around the ailing retailer were frustrated by huge debts, hostile suppliers and a tough operating environment. Uchumi then recruited Mr Mohamed, formerly the retailers Chief Finance Officer.
His strategy revolves around fast-tracking the franchise model – Uchumi Express.

For the latest news in entertainment check out Sde.co.ke and Pulser.co.ke , for everything sports visit Gameyetu.co.ke and ladies we have you covered on Evewoman

Related Topics

Uchumi Supermarketsrepayment dealcreditorsOwen KoimburiChief Executive Mohamed MohamedJulius Kipngetich



[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Techpreneur appointed to Nairobi bourse board

Techpreneur appointed to Nairobi bourse board

June 7, 2019

Faulu awarded as the leading microfinance bank of 2019

May 20, 2019

Subscribe.

Trending.

Safaricom’s SIG Forum empowers SMEs with branding insights from 3Verse Kenya, showcasing award-winning campaigns and inclusive business support.

Safaricom’s SIG Forum Empowers SMEs as 3Verse Kenya Shares Award-Winning Branding Strategies

June 23, 2025
Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

June 23, 2025
Tourism CS Rebecca Miano discusses the economic impact and global appeal of the 2025 Safari Rally

Tourism CS Rebecca Miano Reveals Economic Impact of the 2025 Safari Rally

April 1, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025
Co-operative Bank Subsidiaries

Co-operative Bank Subsidiaries Shine with Strong 2024 Profits

April 2, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Co-op Bank Partners with WorldRemit to Power Seamless Diaspora Transfers in Kenya

Co-op Bank Partners with WorldRemit to Power Seamless Diaspora Transfers in Kenya

June 23, 2025
Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

June 23, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF