[Source: Daily Nation, by Brian Wasuna]
Uchumi 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.
The retailer last week got a reprieve from the High Court, which marked an insolvency petition against Uchumi as settled and withdrawn following an out-of-court deal with suppliers.
Despite opposition from UBA Bank, Justice Mary Kasango allowed the implementation of a Company Voluntary Arrangement (CVA) that 121 suppliers agreed to in March.
Under the CVA, Uchumi’s creditors will have to…
