Kenya Airways may need multibillion dollar bailout

One of Africa’s largest airlines, Kenya Airways – which reported a record loss in its year ended March – may need a US$500 to $600-million bailout, the Kenyan finance minister was quoted by Reuters news agency as saying. 

Henry Rotich told Reuters that the national carrier had seen a loss of US$294.30 million before tax during the year. The losses were reportedly driven by a slump in Kenyan tourism caused by frequent Islamist militant attacks at a time when the carrier had taken on debts to buy new planes.

Rotich said the final figures and the form of recapitalisation would depend on a turnaround plan being prepared by Mckinsey and Seabury consultants.