Telecel enters corporate rescue bid
Telecel Zimbabwe entered voluntary corporate rescue proceedings after its board filed paperwork with the High Court Master and Companies Registrar under Section 122 of the Insolvency Act. The nation’s smallest mobile operator lost 5 percent of its customers, reaching 336,559 subscribers in the second quarter of 2025, while competitors Econet and NetOne expanded their user bases.
The Communications and Allied Workers Union attempted to force the company into supervised rehabilitation in October 2022 when unpaid wages and subscriptions left workers as creditors. Telecel contested the union’s legal authority to file that petition and questioned whether labor representatives qualified as affected parties under insolvency statutes.
Corporate rescue provides a legal framework for financially troubled businesses to reorganize under professional supervision, rather than facing liquidation. The board stated reasonable grounds exist to believe the telecommunications firm can recover despite liabilities exceeding assets.
Separately, Tsepo Zimbabwe Private Limited scheduled a creditor meeting for Monday, November 4, in Harare to vote on a turnaround proposal prepared by corporate rescue practitioner Clyton Kazembe from AMG Global Chartered Accountants Zimbabwe.
