Business Reporter
MUTAPA Investment Fund (MIF) unit Cold Storage Company (CSC), once Zimbabwe’s largest beef producer, has officially exited corporate rescue following the successful implementation of turnaround measures aimed at reviving one of the country’s most iconic agro-industrial assets.
Over the past year, the MIF has worked tirelessly to revamp the country’s former meats powerhouse by seriously engaging the unit’s creditors owing a whopping US$130 million among other machinations.
Key CSC creditors include the Zesa Holdings, the National Social Security Authority, and urban councils in Bulawayo, Harare, and Chinhoyi.
“We are going to have a meeting with creditors, and also with the business practitioner, so that we do things in accordance with the laws of the country. Which means we are talking to the creditors, talking to the business practitioner, and after that, we will engage in a meeting with the creditors and settle with the creditors. Then we will look at the possibility, or the possible solutions of resuscitating the CSC,” Mangudya told the media last year.
In a new development testifying the impact of the rescue plans ,the successful conclusion of a lengthy recovery process initiated to restore CSC’s operations and safeguard jobs after years of financial distress that nearly brought the once-vibrant beef exporter to collapse is roaring to life.
A notice published over the weekend confirmed the successful impact of the rescue efforts.
“Notice is hereby given pursuant to Section 125 (2) of the Insolvency Act (Chapter 6:07) that a notice of substantial implementation of the corporate rescue plan of CSC, adopted by affected persons on 15 April 2025, has been filed with the Master of the High Court.
The corporate rescue proceedings of CSC ended with effect from October 16, 2025,” read the statement by outgoing corporate rescue practitioner, Mr Crispen Mwete.
Operational control of the Bulawayo-headquartered company will now revert to its management and board.
“Any issues relating to the company must henceforth be directed to the company’s management and board,” the notice added.
CSC has struggled to sustain profitable operations over the years and faced the risk of liquidation as creditors demanded repayment. Mounting debts, allegations of poor management, and suspected corruption, among other factors, had plunged the company into insolvency, while an increased risk profile made it difficult to attract fresh investment or working capital.
At the time of corporate rescue, experts attributed the insolvency to several factors, including corporate governance failures, imprudent financial management, adverse external conditions, and internal constraints such as inadequate funding, outdated equipment and the loss of key suppliers, customers and personnel.
CSC’s assets include multiple ranches, such as Maphaneni in Kezi, Dubane in Gwanda, Darwendale in Mashonaland West, Umguza in Matabeleland North, Chomfukwe, Umzingwane-Railway Block Gwanda, Chivumburu in Masvingo, Mushandike (Meyers Rust) in Masvingo, Zeederberg Belwigwe and Willsgrove Feedlot in Bulawayo.
The corporate rescue model — also known as business rescue or judicial management — is part of the Government’s strategy to rehabilitate distressed but economically significant firms. It is regulated under the Insolvency Act, which replaced the old Companies Act (Chapter 24:03).
CSC was placed under corporate rescue after financial challenges emerged in implementing its 2019 joint venture agreement with the United Kingdom-based Boustead Beef, which was expected to spearhead the company’s revival and clear its debts.
The model has increasingly become a preferred route to safeguard critical national assets and preserve jobs across key economic sectors.
