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Nakumatt: Another ailing Kenyan company
Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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maka wrote:wukan wrote:Chaka wrote:Lets say the chain was to be liquidated,how would that go with all that debt? [quote=Ericsson]The retailer was just opening branch after branch by piling debt. It chose to grow at other people’s expense,” said the official who asked for anonymity. According to the source, Nakumatt owes suppliers Sh15 billion. Ten commercial banks are also on its neck, seeking to recover Sh8 billion and it has also soaked in an additional debt to the tune of Sh7 billion in commercial paper. Read more at: https://www.standardmedi...disclosed-nakumatt-debt[/quote] our insolvency laws are quite adequate to deal with nakumatt's issues. We have the equivalent of chapter 11 called the voluntary arrangement which also allows for moratoria on debt payment. The creditors and shareholders sit together and agree on a restructuring plan to keep the business alive and the creditors get paid over time. But of course all we want is a govt bail out  Where can I get info on what rate the commercial paper was issued at? 27% Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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Angelica _ann wrote:Ericsson wrote:You will see wonders from september What wonders, what do you mean??? Branches shutting down Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 4/14/2010 Posts: 806 Location: Nairobi
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Ericsson wrote:Angelica _ann wrote:Ericsson wrote:You will see wonders from september What wonders, what do you mean??? Branches shutting down One is never to big to fail!
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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Nakumatt Suspends Striking workersI thought this was the time to be humble and treat the loyal employees very well, just in case they are poached by competitors. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Ericsson wrote:maka wrote:wukan wrote:Chaka wrote:Lets say the chain was to be liquidated,how would that go with all that debt? [quote=Ericsson]The retailer was just opening branch after branch by piling debt. It chose to grow at other people’s expense,” said the official who asked for anonymity. According to the source, Nakumatt owes suppliers Sh15 billion. Ten commercial banks are also on its neck, seeking to recover Sh8 billion and it has also soaked in an additional debt to the tune of Sh7 billion in commercial paper. Read more at: https://www.standardmedi...disclosed-nakumatt-debt[/quote] our insolvency laws are quite adequate to deal with nakumatt's issues. We have the equivalent of chapter 11 called the voluntary arrangement which also allows for moratoria on debt payment. The creditors and shareholders sit together and agree on a restructuring plan to keep the business alive and the creditors get paid over time. But of course all we want is a govt bail out Where can I get info on what rate the commercial paper was issued at? 27% Heeeeh.... possunt quia posse videntur
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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Worse is yet to be seen. Nakumatt owns nothing apart from maybe their HQ Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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Ericsson wrote:maka wrote:wukan wrote:Chaka wrote:Lets say the chain was to be liquidated,how would that go with all that debt? [quote=Ericsson]The retailer was just opening branch after branch by piling debt. It chose to grow at other people’s expense,” said the official who asked for anonymity. According to the source, Nakumatt owes suppliers Sh15 billion. Ten commercial banks are also on its neck, seeking to recover Sh8 billion and it has also soaked in an additional debt to the tune of Sh7 billion in commercial paper. Read more at: https://www.standardmedi...disclosed-nakumatt-debt[/quote] our insolvency laws are quite adequate to deal with nakumatt's issues. We have the equivalent of chapter 11 called the voluntary arrangement which also allows for moratoria on debt payment. The creditors and shareholders sit together and agree on a restructuring plan to keep the business alive and the creditors get paid over time. But of course all we want is a govt bail out Where can I get info on what rate the commercial paper was issued at? 27% 27% ????? I hadn't seen this one. How? That is Ponzi return rate territory. And this didn't set off alarms? Did any creditor cash out cause this would have been delicious....or is it a vehicle setup by insiders to take money out of the company? Devil on a bicycle! Wow.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Ericsson wrote:Worse is yet to be seen.
Nakumatt owns nothing apart from maybe their HQ Yep... possunt quia posse videntur
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Rank: Member Joined: 9/13/2006 Posts: 58
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maka wrote:Ericsson wrote:Worse is yet to be seen.
Nakumatt owns nothing apart from maybe their HQ Yep... I suspect even that is likely acting a security for some loans 
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Litigation Pap! BK Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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Uganda Revenue Authority shuts down 3 Nakumatt shops in Kampala due to a tax debt of $86,000 & $1.3 million owed to suppliers Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 4/14/2010 Posts: 806 Location: Nairobi
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Ericsson wrote:Uganda Revenue Authority shuts down 3 Nakumatt shops in Kampala due to a tax debt of $86,000 & $1.3 million owed to suppliers When it rains, it pours!
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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Wonders ndio hizo zimeanza kujionyesha Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Mall owners are sick of Nakumatt. They want to move on, but Nakumatt is refusing to go despite not paying rent. Tenants of malls are also getting impatient as Nakumatt is affecting footfall. The end is nigh. Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 8/10/2014 Posts: 977 Location: Kenya
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The Goodwill in this company is really really depreciating. Even investors will be afraid to inject capital....the shelves are so empty and workers not motivated at all.
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Rank: Member Joined: 4/14/2010 Posts: 806 Location: Nairobi
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I am surprised the asian community has not cobbled something to save this gaint.
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Rank: Elder Joined: 6/23/2009 Posts: 13,548 Location: nairobi
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winston wrote:I am surprised the asian community has not cobbled something to save this gaint. Read about the caste system for Kenyan Indians
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Member Joined: 9/13/2006 Posts: 123
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Why would Asian community want to save this giant? The owners are not exactly sweating. They have siphoned off a cool 25 billion and are now pretending to be in financial distress. I don't think they care what way Nakumatt goes. Only the suppliers and landlords are screwed. How do you think a business this big grows without any investment is assets? This was intentional. My heart goes out to the people who trusted them.
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Rank: Elder Joined: 6/23/2009 Posts: 13,548 Location: nairobi
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pops wrote:Why would Asian community want to save this giant? The owners are not exactly sweating. They have siphoned off a cool 25 billion and are now pretending to be in financial distress. I don't think they care what way Nakumatt goes. Only the suppliers and landlords are screwed. How do you think a business this big grows without any investment is assets? This was intentional. My heart goes out to the people who trusted them.
Well written @popat
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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High Court stops owner of High Park Mall in Nairobi's Parklands from attaching Nakumatt properties over unpaid Sh 9.0 million rent Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Nakumatt: Another ailing Kenyan company
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