The year 2020 was not business as usual as the outbreak of the
new COVID-19 virus disrupted and tested the resilience of global
economies, health systems, supply chains, industries and
businesses. It is no wonder that the year was a busy year on the
restructuring front at both the local and global level as many
businesses and organizations went into survival mode as their
revenues and cash flows dried up due to inter alia reduced consumer
spending.
In Kenya, we witnessed a number of large companies such as the
retail chain Tuskys in dire financial distress leading to the
retail chain seeking a court order to bar its creditors from
auctioning its assets. East African Portland Cement Company, a
cement maker, became insolvent after it failed to repay a long-term
loan, its suppliers and other relevant authorities like the Kenya
Revenue Authority (KRA). East African Cables reached an agreement
with the State Bank of Mauritius (SBM) over the restructuring of a
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