Kenya Airways, accumulating losses for the past three and a half years, has selected the American investment bank PJT Partners to advise on long-term capital-raising and restructuring of balance sheet, Reuters reported on February 16.

“PJT Patners which offers strategy, restructuring and fund-raising services will work with us over the next sixth to nine months, said the airline’s chief executive,” Mbuvi Ngunze. We are at a stage where our turnaround strategy is beginning to gain traction, he added.

The board of directors of Kenya Airways also chose, at the beginning of February, the Deloitte firm to audit the accounts of the company and examine all the financial decisions made by its management over the past six years.

The carrier in which Kenya’s government holds a 30% stake and Air France KLM holds 26.7%, is thus aiming to identify the weaknesses of its business model.

Kenya’s government said last August that, the company which suffered the plunge of tourism during the past years, is in need of a rescue plan costing 500 to 600 million dollars.