Kenya Airways seeks financial advisor to re negotiate loans

Kenya Airways seeks financial advisor to re negotiate loans
Kenya Airways planes are seen parked at the Jomo Kenyatta International airport near Kenya's capital Nairobi, April 28, 2016. REUTERS/Thomas Mukoya/File Photo

Kenya Airways has begun the search for a Project Financial Manager as part of efforts to restructure the airline’s debt’s operations.

The airline has created the position as it embarks on negotiating contracts with its debtors, creditors and suppliers.

According to the Kenya Airways board, the project financial manager will be involved in holding discussions with the shareholders, banks and potential strategic investors.

“The Project Financial Manager will provide oversight of the ongoing financial and operational restructuring as well as taking a supporting role in the administrative, financial and risk management operational leadership of the company,’ Kenya Airways said in a notice in the dailies.

The role will however be for a short stint with the board targeting between 6 and 12 months.

Kenya Airways Chairman Michael Joseph has in the past said the airline is currently in a delicate part of its restructuring process, with need to accurately pin point areas where it has been losing money.

The creation of the position comes just two weeks after Mr Joseph announced that CEO Mbuvi Ngunze would stay at the airline to oversee the negotiation process.

“Mr Ngunze is in the middle of renegotiating with our financiers to get better terms in order for us to get out of the financial hole we are in,” Mr Joseph said at a past briefing.

The Project Financial manager will report directly to the CEO.

Kenya Airways has at the same timed advertised for a Group Human Resource Director, a position that has remained vacant since the exit of Alban Mwenda in April.

Last week the airline appointed former KLM executive Vincent Coste as the commercial director.

The board has insisted that strengthening the management team is key to ensuring the airline’s stability.

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