The Durban High Court has postponed the liquidation case against Tongaat Hulett after a last-minute funding agreement was reached, providing the company with a temporary lifeline until June.
This decision follows a last-minute agreement between the company’s Business Rescue Practitioners (BRPs) and the Industrial Development Corporation (IDC) for R200 million in funding.
The supplementary affidavits detailing the IDC’s proposed R200 million funding were filed two days before the hearing on Thursday, resulting in the temporary halt of the liquidation proceedings on Thursday morning, just before they were set to begin, IOL reported.
Advocate Arnold Subeal SC, representing the BRPs from Metis Strategic Advisors, informed the court that the…