Zimbabwe’s biggest ferrochrome producer, ZIMASCO is expected to be removed from judicial management with effect from January next year following a successful turnaround plan.
The plan is however subject to the results of a scheme of arrangement meeting attended by the company’s investors, creditors, shareholders, workers and management in Harare today.
ZIMASCO Judicial Manager, Mr Reggie Saruchera told the ZBC News that the firm, which had incurred huge losses, owed creditors debts and was failing to break even, is now on a stable and viable state.
“The firm is likely to be removed from judicial management and we are confident over that,” he confirmed.
ZIMASCO was placed under judicial management a few years ago to protect the interest of the ferrochrome value chain sector, investors, creditors, workers, management, service providers and the government.