Today, creditors of Koko Networks gathered virtually for the first time since the Nairobi-based clean cooking company entered administration — a meeting that marks the beginning of what is likely to be a long and contested unwinding of one of East Africa’s most ambitious climate technology ventures.
The virtual meeting, scheduled under Kenya’s Insolvency Act, will allow creditors to review proposals from joint administrators and validate claims ahead of a vote on whether the firm will be restructured or liquidated. Few observers expect a rescue. The business model that once underpinned Koko Networks no longer exists.
Messrs Muniu Thoithi and George Weru of PricewaterhouseCoopers Limited were appointed as joint…