Hwange's $150m debt ratified

HARARE - Hwange Colliery Company Limited shareholders have ratified the coal miner’s excess borrowings of $150,3 million.

The resolution was passed at the listed company’s annual general meeting last Friday.

This comes as the heavily-indebted miner last month announced that it has been paying monthly instalments to its employee creditors since December, 2017, and will continue until the $70 million arrears are paid in full.

This is in accordance with the provisions of a scheme of arrangement agreed upon last year.

Hwange board chair Andrew Lawson, who is also the chair of the scheme of arrangement, said employee creditors have been paid their due instalments since December, 2017.

He added that trade creditors will be paid starting in June 2019.

“Employee creditors have been paid their monthly instalments since December 2017. These instalments will continue until all employees, current and former, are fully paid their arrears in the scheme of arrangement,” Lawson said in a statement.

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