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Last minute deal saves Tongaat from liquidation

The IDC will extend funding to September

Durban High Court Judge Rithi Singh agreed to withdraw the application to place Tongaat into provisional liquidation on Wednesday. Photo: Joseph Bracken

The Tongaat Hulett liquidation application was withdrawn at the 11th hour after talks running late into the night produced an agreement for the IDC to continue funding the company until the end of September.
Vision will settle outstanding creditor claims including R517-million owed to the SA Sugar Association.
More than 17,500 sugarcane growers rely on Tongaat’s mills, according to SA Canegrowers.
The relief may be short-lived, as the full restructuring agreement still needs to be finalised by September.

Once again at the 11th hour, the winding up of sugar giant Tongaat Hullett was avoided with a deal struck…

Read More: Last minute deal saves Tongaat from liquidation.

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