Online Reporter
Nqobile Bhebhe [email protected]
Telecel Zimbabwe (Private) Limited, which is under corporate rescue will begin disbursing payments to legacy debt creditors from 12 August following the successful adoption of its Corporate Rescue Plan by creditors and members.
The development marks a significant milestone in the mobile network operator’s restructuring process, paving the way for the settlement of verified historical obligations in accordance with the approved rescue framework.
In a notice to creditors and members, Telecel said all resolutions presented at a meeting held on 24 July to consider and vote on the Corporate Rescue Plan were overwhelmingly approved.
The resolutions covered secured creditors, preferred creditors, concurrent creditors and members, with each category voting in favour of the rescue plan.
Following the approval, the company confirmed that payments to creditors will commence next week.
“With effect from 12 August 2026, the company will commence disbursements to legacy debt creditors in accordance with the provisions of the adopted Corporate Rescue Plan,” Telecel said.
The company said only creditors whose proofs of claim were verified and accepted by the corporate rescue practitioner will qualify for payment.
“Creditors of legacy debts whose proofs of claim were verified and accepted by the practitioner will be eligible to receive payments in respect of the legacy debt. These payments will be disbursed in batches to ensure an efficient and orderly process.”
Telecel urged qualifying creditors to complete the required legacy debt payment forms to facilitate processing.
The commencement of legacy debt payments is expected to strengthen confidence among creditors and represents another step in Telecel’s efforts to restore financial stability and reposition the business following its placement under corporate rescue.
Corporate rescue is a legal process designed to rehabilitate financially distressed companies by restructuring their operations and liabilities while allowing the business to continue operating.
The successful adoption of the rescue plan and the commencement of debt repayments signal progress towards implementing the agreed restructuring roadmap.
