Border Timbers has exited judicial management after undergoing a successful turn-around in fortunes after the company was deemed insolvent and failing to pay its debts to several financial institutions that had reached US$20 million.
The company is the country’s largest producer of dried lumber with three operational divisions in forestry, saw-milling and manufacturing.
It also has over 2000 hectares under plantation across five estates in Zimbabwe’s Eastern Highlands.
“Notice is hereby given that the order of the High Court of Zimbabwe under Case No. HC 35/15 which placed Border Timbers Limited under Final Judicial Management on 2 March 2016 was cancelled by the High Court of Zimbabwe on 9 March 2022 after the successful turn-around of the Company by the Judicial Manager, Mr. Peter Lewis Bailey,” the company said.
“Pursuant to the cancellation of the Final Judicial Management Order, Mr. Peter Lewis Bailey has been divested of his powers as the Final Judicial Manager of the Company. Management and control of the Company has been returned to the Board of Directors of the Company.”
The company has seen a turn-around in fortunes in recent years despite posting a revenue declined of 13 percent in inflation adjusted terms for the year ended June 2021 to ZW$1.48b from ZW$1.69b in the prior year due to the effects of the COVID-19 pandemic.
For Q1-22, the company’s production volume rose 15 percent to 15,723 cubic meters from 13,668 cubic meters in the comparative period last year.
Lumber volumes improved to 11,578 cubic meters from 11,539 cubic meters in the same period last year. Poles-Transmission volumes nearly doubled to 4,145 cubic meters.
