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Nakumatt: Another ailing Kenyan company
Ericsson
#361 Posted : Wednesday, August 16, 2017 4:11:31 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
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 outsmile smile


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
Ericsson
#362 Posted : Wednesday, August 16, 2017 4:50:32 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
Angelica _ann wrote:
Ericsson wrote:
Mike Ock wrote:
Now Nakumatt Mega is being chased from their building due to rent arrears.

http://www.businessdaily...53310-fsu4ks/index.html

The only move left for these guys is to sell all the remaining stock, pocket the cash, declare bankruptcy and close.


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
winston
#363 Posted : Wednesday, August 16, 2017 10:36:42 PM
Rank: Member


Joined: 4/14/2010
Posts: 806
Location: Nairobi
Ericsson wrote:
Angelica _ann wrote:
Ericsson wrote:
Mike Ock wrote:
Now Nakumatt Mega is being chased from their building due to rent arrears.

http://www.businessdaily...53310-fsu4ks/index.html

The only move left for these guys is to sell all the remaining stock, pocket the cash, declare bankruptcy and close.


You will see wonders from september


What wonders, what do you mean???

Branches shutting down


One is never to big to fail!
Sober
#364 Posted : Friday, August 18, 2017 10:41:29 AM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
Nakumatt Suspends Striking workers

I 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'
maka
#365 Posted : Friday, August 18, 2017 12:20:55 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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 outsmile smile


Where can I get info on what rate the commercial paper was issued at?



27%


Heeeeh....
possunt quia posse videntur
Ericsson
#366 Posted : Friday, August 18, 2017 2:57:01 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
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
quicksand
#367 Posted : Friday, August 18, 2017 3:35:39 PM
Rank: Veteran


Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
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 outsmile smile


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.
maka
#368 Posted : Friday, August 18, 2017 4:43:41 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Ericsson wrote:
Worse is yet to be seen.
Nakumatt owns nothing apart from maybe their HQ


Yep...
possunt quia posse videntur
kripp
#369 Posted : Friday, August 18, 2017 6:52:48 PM
Rank: Member


Joined: 9/13/2006
Posts: 58
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 loansSad
Pesa Nane
#370 Posted : Friday, August 18, 2017 7:14:44 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Sober wrote:
Nakumatt Suspends Striking workers

I thought this was the time to be humble and treat the loyal employees very well, just in case they are poached by competitors.

Litigation Pap! BK
Pesa Nane plans to be shilingi when he grows up.
Ericsson
#371 Posted : Monday, August 21, 2017 9:59:23 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
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
winston
#372 Posted : Tuesday, August 22, 2017 9:53:05 AM
Rank: Member


Joined: 4/14/2010
Posts: 806
Location: Nairobi
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!
Ericsson
#373 Posted : Tuesday, August 22, 2017 10:29:06 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
Wonders ndio hizo zimeanza kujionyesha
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
KulaRaha
#374 Posted : Tuesday, August 22, 2017 12:25:04 PM
Rank: Elder


Joined: 7/26/2007
Posts: 6,514
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
watesh
#375 Posted : Tuesday, August 22, 2017 8:23:09 PM
Rank: Veteran


Joined: 8/10/2014
Posts: 950
Location: Kenya
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.
winston
#376 Posted : Wednesday, August 23, 2017 9:25:49 PM
Rank: Member


Joined: 4/14/2010
Posts: 806
Location: Nairobi
I am surprised the asian community has not cobbled something to save this gaint.
obiero
#377 Posted : Wednesday, August 23, 2017 9:30:42 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,464
Location: nairobi
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 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
pops
#378 Posted : Wednesday, August 23, 2017 10:00:14 PM
Rank: Member


Joined: 9/13/2006
Posts: 122
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.
obiero
#379 Posted : Wednesday, August 23, 2017 10:20:09 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,464
Location: nairobi
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 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
Ericsson
#380 Posted : Tuesday, August 29, 2017 9:07:49 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
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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