Struggling Kenya Airways Hires US Turnaround Consultant Seabury
Kenya’s struggling national carrier, Kenya Airways, has hired New York-based turnaround consultant Seabury to help it restructure its operation and lift it from a string loss making years.
Kenya Airways posted a net loss of $109 million in the half year to September 2014, is set to receive a $44 million soft loan from government and undisclosed amount from its largest private shareholder KLM to help it weather the difficult times.
“The Seabury team will looking at all our commercial business and benchmarking with the industry,” the airline’s managing director Mbuvi Ngunze told a media briefing on Wednesday.
“They will then give recommendations based on that audit. They will highlight the areas where there is scope for improvement.”
Seabury is a 20-year-old company that offers advisory services in sectors like aviation, aerospace, defense, financial services, maritime and logistics, among several others.
The company guides airlines on aircraft acquisition and sale, technical support as well as network planning. Its clients include Virgin America, Cathay Pacific and United Airlines
In October last year, Kenya Airways picked a consortium of global financial firms made to help restructure its expensive short-term debt and secure longer-term funds in the form of debt, equity or both.