We were the lead legal transaction advisers to Kenya Airways PLC on its capital and debt restructuring in 2017, which included secured and unsecured creditors, the Kenyan Government, KLM Royal Dutch Airlines, 11 commercial banks, aircraft finance syndicates (Tsavo syndicate: EXIM Bank of the USA for the wide-bodied fleet) (Samburu lenders for the narrow body fleet), restructuring of operating lessors arrangements, negotiated with the National Treasury, the capital market regulators and aviation regulators.

The total debt restructuring covered USD 2.2 billion of liabilities. The transaction included a lock-up and restructuring agreement, an off-balance sheet structure, a Kenyan scheme of arrangement, a sovereign guarantee, a new money USD175 million bank facility and a capital reorganisation The company also embarked on a fresh strategic relationship with KLM and the Kenyan Government, as key long term stakeholders.