Published: 31 January 2018

The Zimbabwe Mining and Smelting Company's judicial manager has applied to the High Court to have the Kwekwe-based ferrochrome producer removed from judicial management.

The company was placed under the judicial management in 2016 after failing to service its debts that had ballooned to over $65 million in 2015 from about $38 million in 2009.

Grant Thornton managing partner, Mr Reggie Saruchera is the judicial manager. Zimasco is indebted to different creditors including banks and retrenched workers to the tune of about $130 million.

The scheme of arrangement will see the company paying our creditors on a time frame ranging between four and five years. So far, Zimasco has paid $33 million to various creditors.
- The Herald

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