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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Uchumi"

Uchumi supermarket recovery plan For the second time in two years, Uchumi Supermarkets has offered its shareholders yet another opportunity to lift it out of insolvency.The retail chains shareholders have now agreed to buy 1.2 billion shillings worth of debentures to clear all debts accruing in the companys books.The debenture offer is scheduled to open mid next month to run until the 31st of October this year. … Read entire article »

Filed under: Insolvency

Uchumi Receivership

Uchumi supermarket is expected to come out of receivership by the end of January next year. Receiver Manager Jonathan Ciano announced today that Uchumi’s bank creditors have already given their commitment to lift the 3 and half year receivership after the company substantially reduced its secured debt and returned to profitability. Shareholders of the company are expected to endorse the decision during an annual general meeting to be held on 29th January next year. … Read entire article »

Filed under: Insolvency

Uchumi Receivership Lifted

Uchumi supermarket has officially come out of receivership making history as one of the few companies to revert to its original owners from a virtual bankruptcy. The supermarket chain was cleared by its creditors Kenya Commercial and PTA banks, effectively ending the three and a half year receivership. Following the declaration, former receiver manager Jonathan Ciano has been appointed as the new chief executive officer. Wanjiru Gaitho has been keeping tabs on the story and has filed the following report. … Read entire article »

Filed under: Insolvency

Uchumi Supermarkets sees end of insolvency

Uchumi Supermarkets have made public their results for their Debenture issue as well as making the announcement on if their shares will be back to the trading floor of the NSE as well as the way forward for the supermarket chain. The supermarket is seeking to relist on the Nairobi Stock Exchange following its suspension in 2006 due to insolvency, after which the government came to its rescue with a 675 million shilling loan due to be repaid this month. ABNs Alishia Seckam takes a closer look at Uchumi with Samuel Wachiri from Drummond Investment Bank. … Read entire article »

Filed under: Insolvency

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