Bidco Africa Chairman Vimal Shah and Tusker Mattresses Group CEO Dan Githua at Tuskys T-Mall The majority of the outstanding debt, Ksh.2.5 billion is owned to DTB and relates to numerous facilities including a term loan, overdraft facility, letters of credit & guarantee, higher purchase facilities and insurance premium facilities (IPF).
According to the projected financials running to February 2022, Tuskys has anchored it short-term survival on balances from the disbursement of a Ksh.2.1 billion dollar denominated loan facility from a Mauritius based private fund.
On Tuesday, the High Court is expected to give new directions on the liquidation case in a ruling which will effectively rubber stamp Tuskys near term future.
Tuskys will be at task to repay Ksh.2.8 billion in credit extended to it by Equity Bank and Diamond Trust Bank (DTB) as it seeks to turn around its fortunes.
The outstanding debt to the pair of lenders has been disclosed by the retailer in projected financials presented as part of court filings in an ongoing wind up petition against it.
The majority of the outstanding debt, Ksh.2.5 billion is owned to DTB and relates to numerous facilities including a term loan, overdraft facility, letters of credit & guarantee, higher purchase facilities and insurance premium facilities (IPF).
Tuskys meanwhile has an outstanding Ksh.285.1 million US dollar denominated loan facility at Equity Bank.
The new filings reveals the extent of Tuskys debts owned to its trade partners and adds to an already revealed Ksh.6.2 billion in supplier debts.
The supermarkets present debt exposure stands at Ksh.3.1 billion, a sum total that includes Ksh.349.1 million in outstanding rent work-lease facilities.
According to the projected financials running to February 2022, Tuskys has anchored it short-term survival on balances from the disbursement of a Ksh.2.1 billion dollar denominated loan facility from a Mauritius based private fund.
Having already received a partly Ksh.500.9 million tranche, Tuskys is backing the lump some from the balance along with the disposal of old stocks and the sale of non-strategic assets to save it from the jaws of liquidation.Projected cash inflows for the month of October have been set at a high Ksh.1.3 trillion before settling over the short-term to between Ksh.500 and Ksh.600 million in the run up to 2022.Outstanding bank debt is expected to reduce to Ksh.2.3 billion by February 2022 with Tuskys hinting at a pursuit for a freeze on DTB’s overdraft facility and letter of guarantee which puts a […]
