Kenya Airways Limited advised on financial restructuring

Key features of the restructuring include a reprofiling of payments owed to operating and finance lessors, a conversion of debts into newly issued equity in the company and the provision of a new multi-purpose facility from Kenyan banks. Following the transaction, Kenya Airways has been repositioned for long term growth and is around 90 percent owned by the Government of the Republic of Kenya and a group of 11 local banks.

“Our cross-practice team advised on a significant and multi-faceted transaction involving multiple jurisdictions that ultimately required the agreement of creditors, shareholders, the Kenyan government and other key stakeholders to the business,” said London-based White & Case partner Christian Pilkington, who led the Firm’s deal team. “The leadership and participation of US EXIM Bank was also instrumental to the success of the restructuring.”

“White & Case delivered the combined strength of its experience in African restructurings and aviation finance to successfully execute a complex transaction that ensures the stability of a strategically important national transport resource,” said London-based White & Case partner Justin Benson.