Passengers of Kenya Airways in Nigeria and other countries will be happy following the news that the airline’s shareholders on Monday voted to approve a financial restructuring plan to bail the airways out of huge debt.
Chairman of the board, Michael Joseph, made the plan known to the shareholders at a special meeting in Nairobi, Kenya.
He said the restructuring plan was to create new shares and convert debt into equity.
Joseph said the plan was essential for the indebted airline to continue operating and return to profit.
The shareholders voted overwhelmingly to back the plan.
The step is regarded as a way to continue to serve their passengers better in the competitive aviation sector.
Kenya Airways has been operating Nigeria route for more than a decade.