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Business Reporter

PHOENIX Consolidated Industries judicial manager Reggie Saruchera has said efforts to engage investors to help turnaround the fortunes of the brushmaker are ongoing.

At the same time the group is at advanced stages of restructuring its non-performing loans through the Zimbabwe Asset Management Company.

“We believe in the future of the company and there are several initiatives that the judicial management is looking at.

“We are not just looking at one strategy to turnaround the fortunes of Phoenix.

“We are engaging several investors that have showed interest in reviving the company. So while we engage Zamco, there are also other avenues that we are looking at exploiting,” said Mr Saruchera.

“Zamco is at an advanced level of concluding the restructuring of Phoenix Industries NPL’s amounting to about $4 million.

“Conclusion of such an arrangement will definitely have an impact on the turnaround prospects of the company.”

Phoenix Industries is among four companies with a combined NPL’s value of $31 million that are engaging Zamco to take over their NPL’s.

Phoenix was delisted in 2014 from the Zimbabwe Stock Exchange as part of the company’s strategy to sort out its financial problems away from public scrutiny.

Its operations continue to be affected by soaring debt and high cost of borrowings. Phoenix comprises of five companies, including Phoenix Brushware, Premier Products, Scandia Wire, John W Searcy, and William Smith and Gourock.