Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
BULAWAYO headquartered beef processor, the Cold Storage Company (CSC) has officially come out of corporate rescue following the substantial implementation of its turnaround plan, a key component in efforts to revive one of the country’s most strategic agro-industrial assets.
In a notice published over the weekend, the corporate rescue process, which began in December 2020 has now formally ended.
“Notice is hereby given pursuant to Section 125 (2) of the Insolvency Act [Chapter 6:07] that a notice of substantial implementation of the corporate rescue plan of CSC, adopted by affected persons on April 15, 2025, has been filed with the Master of the High Court.
The corporate rescue proceedings of CSC ended with effect from October 16, 2025,” read the statement by outgoing Corporate rescue practitioner, Mr Crispen Mwete.
Operational control will be handed back to its management and board.
“Any issues relating to the company must henceforth be directed to the company’s management and board,” the notice added.
CSC has been struggling to sustain profitable operations over the past years and faced the risk of liquidation as creditors demand their dues.
Mounting debts and accusations of poor management and alleged corruptions among other factors, dragged the company into insolvency, with increased risk profile making it difficult to attract fresh investment or working capital.
At the time of corporate rescue, experts attribute insolvency to several factors such as corporate governance failures, imprudent financial management, adverse changes in external factors, internal constraints such as inadequate funding or old equipment, loss of key suppliers, customers or personnel.
