Meikles Limited Thursday re-invited bids for the purchase of its troubled Bulawayo-based textile manufacturing subsidiary, Cotton Printers, which has been in liquidation since October last year.
Cotton Printers first applied for judiciary management hoping it would systematically trade back to solvency.
However, the company’s lawyers, Gill Godlonton and Gerrans, concluded that the company was beyond redemption and that liquidation was the only option.
Liquidation is the process by which operations of a company (or part of a company) are wound up, and its assets and property redistributed.
Early in the year, Cotton Printers transaction advisors, Camelsa Chartered Accountants, invited bids for the liquidation and the deadline elapsed on July 2.
In a local newspaper yesterday, Camelsa ran a second expression of interest for the wholly-owned subsidiary of Meikles Limited.
“Offers are hereby invited from legal entities to purchase the operations of Cotton Printers (in liquidation). Parties interested in purchasing all or any of these operations are required to contact the Cotton Printers transaction advisers at Calmesa Chartered Accountants.
“This invitation is not a prospectus and does not constitute or form part of any solicitation or invitation or any offer to the public to purchase the company or to subscribe to any ordinary shares or any other shares in Cotton Printers,” reads part of the invitation to purchase notice.
Cotton Printers was once the country’s major producer of bed sheets with over 300 employees until it ceased operations and put its assets on sale.
Activities at the company included weaving and wet processing operations.