Business / Companies
Govt considering placing CSC under reconstruction
29 Sep 2020 at 05:29hrs | Views
THE Government is considering placing the Cold Storage Company (CSC) under reconstruction in order to bring the entity back on its feet as it is taking long to resuscitate the entity.
The reconstruction model allows the company to recover outside of the risk of litigation by various creditors similar to what is happening to Hwange Colliery Company Limited.
Despite securing an investor in November 2018 from the United Kingdom, Boustead Beef, to revive CSC and help clear an outstanding US$36 million debt, the process seems to be taking long.
In an interview last Friday, Lands, Agriculture, Water and Rural Resettlement Minister Dr Anxious Masuka said Government was determined to make sure CSC plays a key and central role in ensuring that the livestock sector once again becomes vibrant as farmers find a market that is fair.
The reconstruction model allows the company to recover outside of the risk of litigation by various creditors similar to what is happening to Hwange Colliery Company Limited.
Despite securing an investor in November 2018 from the United Kingdom, Boustead Beef, to revive CSC and help clear an outstanding US$36 million debt, the process seems to be taking long.
In an interview last Friday, Lands, Agriculture, Water and Rural Resettlement Minister Dr Anxious Masuka said Government was determined to make sure CSC plays a key and central role in ensuring that the livestock sector once again becomes vibrant as farmers find a market that is fair.
Source - Chronicle
