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Creditors of chrome smelter, MonaChrome today finally voted in favour of the company’s takeover by current German shareholder, NK Trading at the High Court while two banks, AfrAsia and Stanbic bickered over its disposal. MonaChrome ceased operations in 2012 due to high production costs and a government ban on chrome exports. It was subsequently placed
ZIMBABWE has adopted a corporate rescue strategy aimed to bail out financially distressed companies. Firms facing imminent closure are now putting in place turn around strategies as opposed to being placed under judicial management structures or systems. The corporate rescue strategy plan which is being administered by the officer for the Master of the High…