MetBank hopes to re­cover $10m on Nutriveg re­vival

Chronicle (Zimbabwe) - - Business Chronicle -

HOR­TI­CUL­TURAL firm, Nutriveg, has been placed un­der fi­nal judicial man­age­ment to help re­sus­ci­tate op­er­a­tions and re­cover more than $11,7 mil­lion owed to its creditors.

Nutriveg’s ma­jor cred­i­tor, MetBank voted to place the com­pany, for­merly Fresca Hold­ings, un­der fi­nal judicial man­age­ment on Wed­nes­day at the High Court to re­cover its money. The firm owes Metbank $10 mil­lion and $1,783 mil­lion to other un­se­cured creditors.

If liq­ui­dated, the com­pany ex­pects to re­alise $1,5 mil­lion from the sale of some of its as­sets and Metbank, which is the only se­cured cred­i­tor, will re­ceive an ini­tial $1,4 mil­lion.

“The view that I have taken is that it is pru­dent for all stake­hold­ers to con­sider plac­ing the com­pany un­der fi­nal judicial man­age­ment so that the com­pany is given a chance to re­sus­ci­tate its op­er­a­tions and gain its full swing once again,” judicial man­ager Bud­hama Chikamhi said.

Chikamhi ex­pects the com­pany to re­cover and ex­pand onto the in­ter­na­tional mar­ket.

“We still in­tend to look at the in­ter­na­tional mar­ket which was the dom­i­nant mar­ket for Fresca Hold­ings when it was op­er­at­ing,” he said.

The com­pany sells prepacked dried veg­eta­bles. — The Source

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