Winsley Militala
Lovemore Zigara, Midlands Correspondent
THE final liquidation of the countrys sole flint glass manufacturer, Zimbabwe Glass Industries (Zimglass) has been completed after efforts to revamp the company failed.
The move paves way for the disposal of the companys assets, management said.
Zimglass, a subsidiary of the Industrial Development Corporation (IDC), has been insolvent since 2010 and voluntarily applied for judicial management in 2014 citing lack of capital, debt overhang and mismanagement.
Its total assets value stood at $19,2 million as at December 2014 while liabilities clocked $31,2 million.
The company judicial manager Mr Winsley Militala told Business Chronicle that a suitor for the company was proving difficult to …
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