Tongaat Hulett has applied for provisional liquidation at the KwaZulu-Natal High Court after the preferred bidder, Vision Group, failed to secure financing from the Industrial Development Corporation (IDC). Industry body SA Canegrowers warned that the development could have far-reaching effects on cane growers, millers and the broader sugar supply chain, according to Business Report.
Business rescue practitioners said the decision followed the collapse of the Business Rescue Plan approved by creditors and shareholders last year after sale agreements with Vision expired. The plan had proposed converting debt into equity, with an asset sale as an alternative if that step did not…