Kenyan High Court has extended the liquidation of defunct Nakumatt Holdings Limited (NHL to February 10, 2021.
The resolution of creditors’ debt in the defunct Nakumatt Holdings Limited (NHL) is set to wait longer following High Court’s extension of the liquidation last week.
The extension request was made by the Parker Randall administrator who cited a lengthy wind-up process that has also been delayed by COVID-19 disruptions.
January, 92 percent of Nakumatt creditors voted to wind down what was once East Africa’s largest supermarket chain after failed attempts to turnaround its business.
The liquidation plan was presented by Peter Kahi, the court-appointed administrator.
The creditors are owned Ksh 38 billion and the administrators will share about KSh422 million received from the sale of six Nakumatt branches to Naivas.
Diamond Trust Bank (DTB) KSh3.6 billion, KCB Group Ksh1.9 billion, Bank of Africa KSh328 million, UBA KSh126, Guaranty Trust Bank KSH104 million.
Brookside Dairy Limited KSh457 million, Outstand Logistics Limited KSh415 million, Norkan Investments KSh338 million, New KCC KSh290 million, Redstar International KSh261 million.
Nakumatt Holdings Limited (Under Administration) is a family-owned business that was established in 1987. Until February 2017 NHL had 60 branches across the region (44 in Kenya, 8 in Uganda, 5 Tanzania and 3 in Rwanda).