Kenya's TransCentury, EA Cables Say Complete Debt Restructuring

Kenya’s East African Cables and its parent firm TransCentury Ltd have completed a debt restructuring deal that has reduced the group’s debt by almost half, they said on Monday, Reuters reported. TransCentury, which was founded by a group of Kenyan investors in 1997, invested in a range of infrastructure companies, including East African Cables but has struggled with a heavy debt burden, losses and a plunge in its share price. The woes followed a series of poor investments including an attempt to revive the colonial era Kenya-Uganda railway, which failed and left TransCentury saddled with debts. Restructuring reduced the group’s debt by 1.65 billion Kenyan shillings ($16 million), or 44 percent of the group’s total, and offered a 10-year extension to the tenure of remaining debts, both firms said in a statement. Read more