Kenya government takes control of Kenya Airways in debt swap agreement
The Kenyan government and domestic lenders have agreed to convert more than $400 million of the debt of Kenya Airways into equity, giving the government a controlling stake in the airliner.
The government has given Kenya Airways more than $200 million of Kenyan shilling and dollar-dominated loans, the airline said in a statement on Monday to the Nairobi stock exchange.
The agreement will increase the government's stake from 29.8 percent to 48.9 percent.
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