Telkom Kenya, which is co-owned by France Telecom-Orange (51%) and the Kenyan government (49%), has reportedly asked taxpayers to foot a KES10.9 billion (USD129.6 million) rescue package to help secure the company’s short-term future. The telco, which posted a record loss of KES18.2 billion in 2011, has around a week to raise KES5.8 billion to repay an outstanding bank loan that is due by the end of the month. The East African, citing ‘interviews with insiders and confidential documents prepared by management’, reports that the company is on the verge of a liquidity crisis that could see the firm default on its bank loans and other supplier debt
Originally posted here:
OVETEL Stricken Telkom seeks KES10.9bn bailout to ease crippling debt
No comments:
Post a Comment