ZIMBABWE Glass Industries Limited liquidator Winsely Evans Militala says he has received an offer for the assets of the company in their “entirety as a unit” and would be winding up its affairs in the next three weeks.
Zimglass was the sole manufacturer of quality glass packaging in Zimbabwe supplying packaging solutions to local, regional and international markets.
The company 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. — Business Reporter.
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