Milk firm pursues Uchumi closure
By Wainaina Wambu | March 16th 2020
A petition to wind up ailing Uchumi Supermarkets is set to be heard next month by the High Court amid uncertainty after creditors agreed on a recovery plan.
The petition by Kiambu-based milk processor Githunguri Dairy Farmers Cooperative Society was earlier mentioned in September 2018.
The milk processor is one of the creditors owed millions by Uchumi and has asked other creditors supporting the petition to come forward.
“The said petition is directed to be heard before the High Court sitting at Nairobi on April 8, 2020 and any other creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing in person,” said a Kenya Gazette notice published Friday.
It was signed by the cooperative’s lawyers, Kamau Kuria and Company.
The petition serves as a fresh blow to the 45-year-old retailer after it survived a liquidation vote following a creditors’ meeting earlier this month.
Creditors, including banks, suppliers and shareholders who are owed over Sh5 billion, agreed on a Company Voluntary Agreement that will see them take a 30 per cent haircut and get repaid in parts within six years.
High costs of cooking oil, fuel and power make life unbearable
- Local cement firms eye own clinker production to cut costs
- Extension of Sh3.5b meter-gauge railway line complete
- How healthy living has turned ginger into a goldmine for farmers
MONEY & MARKET
- State boosts local vehicle assembler with military deal
- Cost saving tactics to survive harsh economic times
By Peter Theuri