The Zimglass factory in Gweru
Lovemore Zigara, Midlands Correspondent
THE countrys sole flint glassmaker, Zimbabwe Glass Industries (Zimglass), will meet creditors next week to pave way for liquidation.
Zimglass, a subsidiary of the Industrial Development Corporation (IDC), was placed under judicial management in June 2014. The company took the liquidation route after failing to attract investors owing to a $32 million debt.
The debt includes the $5,5 million borrowed for capital expenditure to revive operations after its shutdown in 2010 and a further $8,8 million in short-term loans from local banks used to rebuild the plant.
Zimglass chief executive officer, Gilbert Tapfuma, said the meeting with creditors has been scheduled for Thursday n…
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