Tongaat Hulett’s liquidation proceedings have been halted after the company received further funding, allowing it to extend its business rescue proceedings.
The company was set to enter liquidation proceedings, but it received an extension of the Post-Commencement Funding (PCF) facility from the Industrial Development Corporation (IDC).
The facility has been extended to 30 June 2026 and increased from R2.3 billion to R2.5 billion.
This gives the company the liquidity it needs to support its ongoing operations pending the finalisation of the transaction.
The KwaZulu-Natal High Court thus granted an adjournment of the provisional liquidation application, with the…