Kenya Airways has appointed NewYork based PJT Partners as its transaction advisor to restructure balance sheet and work out a long term capital refinancing plan, in latest development on its turnaround strategy.
Kenya Airways chief executive officer Mbuvi Ngunze said,the international investment banking firm with strategic airline advisory expertise will greatly help counsel national carrier put together a clear turn around plan.
The firm’s main business lines are on strategic advisory, restructuring as well as fund placement services.
“We are at a stage where our Turnaround Strategy is beginning to gain traction. Over the next six to nine months, we will work with PJT Partners and they will be instrumental in assisting the airline secure its future beyond the turnaround. The Board is confident that they are the right choice,” said Ngunze.
PJT Partners and EMEA Restructuring head Martin Gudgeon said, “We look forward to helping Kenya Airways reshape and recapitalize its balance sheet to ensure the company’s full potential is realized.”
The signing comes six months after Seabury that was doing the same job ended its contract under unclear circumstances.
Seabury also based in NewYork was picked to evaluate KQ’s sales, ticketing and network planning functions and benchmark them with best practices.