KCM CREDITORS OWED MORE THAN $1 MILLION LIKELY TO VOTE AGAINST SCHEME OF ARRANGEMENTS AT FORTHCOMING MEETING
By Michael Kaluba
Publish What You Pay National Chairperson Joseph Chewe is concerned that some Konkola Copper Mines-KCM- creditors owed more than $1 million may vote against the scheme of arrangements and delay the resumption of operations at the mine.
Two meetings are scheduled, one for KCM creditors owed less than $1 million on May 25 and another, for those owed more than $1 million on May 30, to vote on the proposed scheme of arrangements.
Mr. Chewe however says while there is no worry over those who are owed below $1 million since they are likely to be paid soon, those owed above a million dollars may not agree to be paid in installments.
He has told Phoenix News that this may delay the process to end the liquidation and operationalize KCM which urgently requires being re-capitalized and revamped as its current state is critical.
He has urged the creditors owed more than $1 million to prioritize the resumption of operations at the mine by voting for the scheme of arrangements as opposed to turning it down to demand immediate and full payment.
PHOENIX NEWS