END OF AN ERA

Nakumatt liquidated, creditors to be paid from assets sold

Creditors voted on Tuesday for its dissolution.

In Summary

• The creditors' meeting comes just days after the administrator ruled out the possibility of resuscitating the retailer which owes creditors at least Sh39 billion.

A shopper walks into the Nakumatt Ukay Supermarket on August 9,2018. The building was brought down.
A shopper walks into the Nakumatt Ukay Supermarket on August 9,2018. The building was brought down.
Image: ENOS TECHE

Nakumatt Supermarket has been liquidated after creditors vote on Tuesday for its dissolution.

The secured creditors are to be paid the little amount obtained from sold assets.

The creditors' meeting comes just days after the administrator ruled out the possibility of resuscitating the retailer which owes creditors at least Sh39 billion.

Peter Kahi, the court-appointed administrator of the retail chain that went under in January 2018, had last week given creditors 72 hours to submit their claims, following an independent audit that cast doubt of the firm’s ability to return to profitability.

In the notice, Kahi said the creditors’ only meeting would formally end the Nakumatt brands should they support the liquidation plan.

Some of Nakumatt’s creditors expected at the meeting to be held at Visa Oshwal includes local lenders KCB Group, Standard Chartered Bank Kenya Ltd, Diamond Trust Bank Kenya Ltd, suppliers, and landlords.

More to follow...


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