Published: 28 August 2013

Delisted ZSE manufacturing concern Steelnet will settle its debt after disposing assets.

It has emerged that the company's liabilities continue to outstrip the value of assets valuated by an independent valuator, a recent liquidators report has shown.

According to the first statutory report of Steelnet, which is currently under liquidation, the company owed creditors in excess of $11.696 million while its assets where valued at $10.899 million.

CB Richard Ellis, according to the report, was appointed to conduct valuation of all fixed assets.

Unpaid salaries, the report further read constitute more than half of the creditors.
- newsday