White & Case advises Kenya Airways on $2bn restructuring

Global law firm White & Case has advised Kenya Airways, the Kenyan flag-carrier, on its US$2 billion 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