HCCL banks capital on scheme of arrangement success

HWANGE Colliery Company Limited (HCCL) expects to raise capital after the scheme of arrangement and balance sheet restructuring scheduled for the end of this year.

In a statement accompanying the financial statement, board chairman Winston Chitando said the scheme of arrangement was the starting point for the turnaround strategy, which was now at an advanced planning stage.

“It is envisaged that the scheme of arrangement will be implemented at the same time with conversion of some debts into long-term financial instruments.

This story is for NewsDay subscribers.