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 yesterday 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 sales prepacked dried vegetables.-The Source
(39 VIEWS)
0 Comments