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Guyana Sugar Corporation Bankrupt; Future Uncertain

  • Associated Press

FILE -Guyana's President David A. Granger, right, with Guyana's Vice President and Foreign Minister Carl Greenidge, delivers remarks during a press briefing at the United Nations headquarters in New York, Sept. 29, 2015.

FILE -Guyana's President David A. Granger, right, with Guyana's Vice President and Foreign Minister Carl Greenidge, delivers remarks during a press briefing at the United Nations headquarters in New York, Sept. 29, 2015.

Officials say Guyana's state-owned sugar corporation faces an uncertain future after a report found that the South American country's single largest employer is bankrupt.

A government-appointed inquiry commission said Monday that the company is nearly half a billion dollars in debt.

The commission is expected to release a final report later this month to determine what the government should do about the Guyana Sugar Corporation. The company has struggled with an increase in production costs amid falling international sugar prices.

The government in June fired the company's director and forced board members to resign after officials said the company had run out of money to pay workers' salaries.

Guyana is the largest sugar-producing country in the Caribbean Community trade bloc but has seen a steady drop in production.

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