Tongaat Hulett, a 134 year-old South African sugar maker, is on the brink of collapse again as its administrators prepare to place the firm into bankruptcy, according to people with knowledge of the matter.
The company’s strategic partners — Vision Group and the Industrial Development Corporation — have been in negotiations to secure funding but have failed to meet certain deadlines, the people said asking not to be identified because the talks are private.
A financing deal could still be negotiated even if Tongaat is placed into liquidation, the people said. Any funding would need to follow due process and receive approval from the IDC’s board, they said.
“It’s most unfortunate that the Vision…