Zimasco to emerge from bankruptcy this year

Zimasco is coming out of bankruptcy by the end of the year. The Zimbabwean ferrochrome producer reached an agreement with creditors over the weekend which will allow the smelter to pay off its creditors over a 18 months to six and a half year period; the smelter owed $144,936,691 to creditors, including $21,780,307 Sinosteel Singapore (in liquidation) and $11,350,142 to Sinosteel International.
Zimasco produced a profit of more than $45-million over the last 16 months when it was in bankruptcy on turnover of more than $158-million.

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz