CEC, KCM in dispute over US$29.6M debt
By GRACE CHAILE
COPPERBELT Energy Corporation Plc (CEC) is seeking to compel Konkola Copper Mines (KCM) to pay 40 percent of the US$29,609,678.63 debt owed to CEC under the Creditor’s Scheme of Arrangement.
However, KCM has refused to make the payment, citing CEC’s appeal against part of the June 28, 2024, ruling of the court.
According to CEC, the court sanctioned the Creditor’s Scheme of Arrangement, which directed KCM to pay $225 million to settle creditors’ debts.
“Among other things, this court , upon sanctioning the scheme ,directed that the second respondent (Vedanta Resources holdings limited) pays the sum of US$225,000,000 as the first respondent’s (KCM) credit settlement support, and that the first respondent is to receive these funds for CLICK HERE TO READ MORE
