By BRIAN WASUNA More by this AuthorUchumi Supermarkets Ltd has been given six months to settle its Sh4.7 billion debts to over 100 suppliers or face auction of its assets by creditors and eviction by their landlords. PAY DEBTSJustice Kasango allowed implementation of the CVA on condition that Uchumi pays all its debts within six months, and in turn, all money claims currently before court be suspended. UBA had claimed at a creditors meeting in March that Uchumi falsely classified KCB and Cooperative Bank as secure creditors. Creditors met Uchumi representatives in March, and 121 voted to implement the CVA while 28 opposed the move. The ‘no’ team has a combined claim of Sh1.18 billion, meaning they will settle for a Sh355 million payout.

Source: Daily Nation July 06, 2020 04:07 UTC