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GuySuCo not bankrupt–Persaud

Dec 24, 2009 News

The Guyana Sugar Corporation (GuySuCo) is not bankrupt in anyway, according to Agriculture Minister Robert Persaud.
Persaud said that it is widely known that the company has been facing acute cash flow problems, especially from start of the Skeldon Sugar Factory.
He said that the GuySuCo administration has to be creative in managing its tight cash flow. Simultaneously, it has to manage its debt engagement with the bank.
He also attributed some of the recent kinks as it relates to sourcing cash to the end of year environment. “In the New Year we will be able to address the banking system in a much more effective way.”
The Company’s Chief Executive Officer, Errol Hanoman, recently addressed the very issue of GuySuCo’s bankruptcy saying that the use of such terminology was inappropriate, given the role of the company with respect to the national economy.
He stated that it is well known that the company has been having some financial setbacks, but he insisted that it had no problems receiving loans from any banks.
The Corporation’s CEO emphasised that there must be a balance between borrowing and resources.
As such, he stressed the importance of selling the Diamond lands, which he said should rake in more than $30B and is of utmost importance to the company’s turnaround plan.

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