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{
    "id": 678376,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/678376/?format=api",
    "text_counter": 188,
    "type": "speech",
    "speaker_name": "Sen. Kanainza",
    "speaker_title": "",
    "speaker": {
        "id": 13113,
        "legal_name": "Daisy Nyongesa Kanainza",
        "slug": "daisy-nyongesa-kanainza"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir. There is a way forward that had been prepared by the Committee that led to the recommendations which were adopted. (1) The board has been reconstituted with a new chairman and the departure of the finance director in order to strengthen its policy direction and oversight roles. (2) In order to turn around Kenya Airways (KQ) the board has undertaken the following measures:- (a) Strategic turnaround concept: it has developed a five-year plan with challenge and build from McKinsey. (b) Operational turnaround concept: retained the recovery and transformation services to assist in detailed concept that was ready by end of March. The document is being fine-tuned. (c) Financial/stock balance sheet restructuring; debt advisor PJT mandated to advise on the financial restructuring concept and long-term capital plan to be developed by the end of April, which will be based on the operational turnaround plan. (2) The company has embarked on fleet resizing to homogenous new and competitive structure. They have two 787-8s sub-leased and contract signed; three 777- 300s sub-leased and in the final stage of contracting and four 777-200s are out for sale with two sold and out of the fleet in February. I believe that we have been following it up The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate"
}