Nakumatt to petition creditor for reprieve

Creditors of struggling retailer Nakumatt are facing the daunting task of keeping their money in the retailer after it emerged that it did not have money to pay them all if liquidated today.

A report prepared by Nakumatt administrator Peter Kahi from PKF Consulting, Nakumatt only has Sh3.9 billion of the Sh35.8 billion it owes suppliers and banks.

This has seen Mr Kahi draft a proposal that creditors waive at least 25 percent of their debt in Nakumatt and support recovery efforts to get back their money.

The proposal shows that banks are owed Sh6.9 billion while Kenya Revenue Authority is…

Source – Citizen TV