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StarAfrica struggles to pay creditors
09/02/2014 00:00:00
by The Source
 
 
RELATED STORIES

CASH-STRAPPED StarAfrica Corporation may not meet the court-sanctioned deadline of February 14 to pay creditors as the company is struggling to dispose of its transport asset and a 33.3 percent stake in Tongaat Hulett Botswana to raise the payment.

Last Friday, the company said a notice of intention to sell its stake in Tongaat Hulett Botswana had been given to the Botswana firm, with a formal response expected by March 5. Starafrica got an offer of $5.6 million for its interest in the Botswana firm.

“It anticipated that the disposal will be completed and the proceeds of the sale received by 30 April 2014,” the company said in an update.

The company said negotiations with a local prospective purchaser for its transport company, Blue Star Logistics was “nearing conclusion.”

The High Court last year sanctioned a scheme of arrangement between the technically insolvent company and its creditors requiring it to dispose its two assets within six months from 14 August, 2013 and settle its obligations.

The assets to be disposed are estimated to be worth $10.4 million while the company’s debt is around $19.7 million.

Meanwhile, the company’s $5 million plant upgrade for its sugar refinery was expected to be completed by April 30, with the new equipment expected to lower operating costs and improve quality and output.

“Civil works have been completed and the site is ready for assembly and installation of the new plant and equipment,” said the company, adding that work would commence next week.



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