Monday, June 12, 2006

Uchumi sale finally with us

The worst has now been confirmed. Uchumi assets will be sold, not as a going concern but on as is basis. This is according to ab advertisement appearing in the Daily Nation today. Its not clear what became of the court injuction reportedly sought by the suppliers last week. Probably they will go to court this week to stop the sale. But the law allows secured creditors (KCB and PTA banks).