BORDER Timbers is set to exit judicial management after its shareholders approved settlement terms for an apportionment of awards issued to the company and its associates in 2015 through an arbitration, a matter that had delayed the lifting of its administration.
The company was placed under judicial management in January 2015 after failing to service debts to several financial institutions amounting to $20 million.
In 2010, the company and its associates, Hangani Development and Timber Products International, filed a request for arbitration with the International Center for the Settlement of Investment Disputes (ICSID) against the expropriation of its land by the government of Zimbabwe.
Claims were also brought against the government in separate arbitral proceedings by the company’s then majority shareholder, the von Pezold Famil
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