[Zimbabwe] Zimglass Gets 6 Month Respite, Scouts For New Investor

Banks have given Zimbabwe Glass Industries (Zimglass) six months to find a suitable investor or face liquidation. Banks owed US$ 8.8M by the country's ailing sole packaging glass manufacturer have given the company six months to find a suitable investor or face liquidation. Zimglass applied for judicial management in the summer of 2014 citing lack of capital, debt and mismanagement. Its liabilities of US$ 32M far exceed its US$ 20.6m assets.