If the liquidation application against Tongaat Hulett proceeds, it could have severe socio-economic consequences for rural economies in small towns across KwaZulu-Natal.
Despite strong pushback from the RGS Consortium, Durban High Court Judge Rithy Singh has granted temporary relief to the business rescue practitioners (BRPs) to work out a plan to save sugar giant Tongaat Hulett Limited (THL).
A last-minute assurance by the Industrial Development Corporation (IDC), one of THL’s creditors, to extend its post-commencement finance facility until at least the end of June helped secure the adjournment.
The Vision Sugar Group, the…