Nakumatt Holdings is set to present a plan to creditors that will see part of the debt owed converted to equity.
This is among the scale of arrangements being worked out by the Nakumatt administrator as he works out a recovery plan that is comfortable to creditors.
Nakumatt administrator Peter Kahi says the troubled retailer is open to all options that will steer the company on a recovery path.
If endorsed, the move is likely to put Nakumatt under public scrutiny and enhance accountability.
However, with an estimated debt of 40 billion shillings, Nakumatt is alive to the fact that it not be all smooth sailing and is using the period under administration to work out an acceptable deal.