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Kenya Airways gets waivers after Sh77bn loans breach - 2 weeks ago, 10:44

Charles Mwaniki

National carrier Kenya Airways #ticker:KQ has obtained waivers from international lenders allowing the airline to breach liquidity ratios without suffering the penalty of having to repay debts worth Sh77 billion within one year.

Kenya Airways was forced by its auditors to restate its 2017 financials to reclassify the loans as “current” from “non-current”, which in accounting terms means that they are due for repayment within one year.

In an interview, the airline’s chief executive officer, Sebastian Mikosz, said the airline’s auditors, Deloitte, had demanded a restatement of its accounts after the airline failed to obtain waivers from its lenders by December 31, 2018. The restated results are carried in the national carrier’s 2018 annual report.

Previously, he said, auditors would accept post-dated waivers, but changed their stance this year citing adherence to accounting standards.

By the close of 2018, Kenya Airways which is known by its international code KQ, was not meeting the loan ...
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